Nifty ends below 4450; Realty down 8 per cent

14 August 2008

It was a bad day for the market as it ended deep in red. Both broader indices Sensex and Nifty closed below their psychological level 15000 and 4450. The BSE realty index has underperformed all sectoral indices; it was down nearly 8%. Heavy selling was also seen in bank, capital goods, power, oil & gas, FMCG and auto stocks. The BSE midcap and smallcap indices were down nearly 2% each.

It seems that local traders likely to unwind their positions ahead of long weekend. Rate sensitives banks, real estate stocks were seen under selling heavy pressure. Hedge funds were seen profit booking in today's trade. However, domestic funds were seen buying selectively into large cap tech stocks. As throughout the day IT stocks shows some buying interest; index was up over 2%.

Inflation data to be released today. CNBC TV18 poll sees inflation for the week ended August 2 at 12.15% versus 12.01%.

The Sensex is down 368.94 points or 2.44% at 14724.18, and the Nifty down 98.35 points or 2.17% at 4430.70.

Markets breadth was negative, about 981 shares have advanced, 1995 shares declined, and 186 shares are unchanged.

The BSE realty index was down 7.97% or 447.30 points at 5163.53. Indiabulls Real, DLF, HDIL, Unitech and Parsvnath slipped 6-14%.