Markets close lower on F&O expiry day; IT, Realty dip 2 per cent

25 September 2008

Markets remained weak throughout the day, though they managed to trimmed the losses to some extent and closed lower on the day of F&O expiry for the month of September. Benchmark indices also witnessed some volatility in today's session. Midcap and small cap stocks also caught in bears grip.

Heavyweights like Bharti Airtel, Reliance Industries, Infosys, SBI, BHEL, ONGC and Wipro have put pressure on markets. Selling was seen in technology, telecom, realty, power, metal and oil stocks.

The Sensex closed with a loss of 145.34 points or 1.06% at 13,547.18, after showing recovery of 116.5 points from day's low of 13,430.68. The Nifty fell 50.70 points or 1.34%, to settle at 4,105.55. It has recovered 28.05 points from day's low of 4077.50.

S&P CNX Nifty hit a high of 4558 and low of 3799.5 during this September series. S&P CNX Defty hit a high of 3579.25 and low of 2820.95 during this series.

Total turnover crossed Rs 1-lakh crore mark due to F&O expiry. It stood at Rs 1,03,047.35 crore. This includes Rs 15,291.03 crore from NSE Cash segment, Rs 82,697.69 crore from NSE F&O and balance Rs 5,058.63 crore from BSE Cash segment.

BSE IT Index underperformed other indices, slipped 68.69 points or 2.01% to 3,348.42. Technology stocks have taken a huge beating on the bourses, as Credit Suisse First Boston (CSFB) has said that majority of Indian IT companies are likely to miss dollar revenue guidance. It added that currency movements and weakening global environment will exert pressure.