Market ends sharply lower from day's high; Realty, Banks up

25 August 2008

Markets slipped sharply lower from days high and ended marginally in green as sell off was seen in metal, power, oil and capital goods. But realty, banking, FMCG, telecom, select technology and auto stocks were supportive for frontline indices. Midcap and small cap stocks also witnessing selling pressure.

The Sensex lost over 220 points and Nifty over 63 points from days high of 14,672.69 and 4398.80, respectively. Sensex closed at 14,450.35, up 48.86 points or 0.34%. Nifty ended with a gain of 7.9 points or 0.18% at 4,335.35. BSE Midcap Index rose just 0.25% at 5,741.21 and Small Cap Index closed flat at 6,922.25.

Frontline indices had opened strong following positive global cues as crude declined by USD 7 to USD 114 a barrel, and traded in positive terrain for first half of session. But second half remained weak for markets as European markets were down and profit booking happened in metal, power and oil stocks.

Amongst frontliners, Zee Entertainment gained 4.52%, HDFC 3.63%, M&M 2.62%, DLF 2.32%, Tata Motors 2.04%, ICICI Bank 1.95% and Satyam 1.79%. However, Suzlon Energy lost 4.37%, Tata Power -2.84%, Jaiprakash Associates -2.74%, ABB -2.17%, Ranbaxy Labs -2.05%, BHEL -1.60% and Tata Steel -1.49%.

Realty Index outperformed other indices, gained 98.79 points or 2% at 5,043.52. Indiabulls Real, Akruti City, Mahindra Life, Puravankara Projects, DLF, Sobha Developer and Unitech have jumped up.

Banking stocks like Bank of Baroda, Yes Bank, IOB, Union Bank, Kotak Mahindra, IDBI Bank, ICICI Bank and PNB were up 1.5-4%. Bankex rose by 89.96 points or 1.35% at 6,745.72.s