Markets end lower; metal, banks, realty, pharma stocks down

09 September 2008

Markets moved southward on the back of profit booking after Mondays sharp rally and ended weak. Selling was seen in metal, banking, realty, FMCG, pharma and major capital goods stocks. However, telecom, oil and major auto stocks witnessed buying interest.

The Sensex 30 fell 44.21 points or 0.3%, to settle at 14,900.76 and Nifty lost 13.6 points or 0.3%, to end at 4468.70. Both indices have recovered 185 points and 50 points from days low of 14,714.92 and 4418.95, respectively.

Markets had started on a weak note following weak Asian cues and traded lower throughout the day. They had bounced back a bit in second half of session due to positive European markets but it did not sustain for long and both indices turned back to negative territory.

However, telecom stocks have shown smart recovery and ended strong. Idea Cellular, Bharti Airtel, Reliance Communication, MTNL and Tata Teleservices have gained.

Among the frontliners, Sterlite Industries plunged 7.50%, Hero Honda -3.78%, PNB -3.54%, Dr Reddys Labs -2.31%, BHEL -2.44%, SBI -1.95%, Ranbaxy Labs -1.71% and DLF -1.60%. However, Tata Motors rose by 3.05%, Idea Cellular 2.83%, Suzlon Energy 2.14%, BPCL 2.02%, Maruti Suzuki 2.10%, Bharti Airtel 2.09%, Reliance Communication 1.68% and TCS 1.32%.

BSE Metal index underperformed other indices, tumbled 213.86 points or 1.78%, to settle at 11,801.18. Sterlite Inds, Gujarat NRE Coke, Hindustan Zinc, JindalStainless, Jindal Steel, NALCO, Ispat Industries, Sesa Goa and Tata Steel have lost ground.