Markets continue three day losing streak; CG, oil, metal drag

14 November 2008

The benchmark indices ended lower amid volatility despite positive global cues. It was the third straight session loss for the markets. Capital goods, auto, metal, cement, power realty, technology, and oil stocks were the major laggards in today's trade. Midcaps and smallcaps also sold-off in today's trade. However, telecom stocks bucked the trend in today's session cheered on by the Tata Tele-NTT DoCoMo deal.

ONGC, BHEL, Infosys, Reliance Industries, HDFC, L&T, SAIL, Tata Steel, Tata Motors, Maruti Suzuki and Reliance Infrastructure stocks were main contributors in today's downtrend.

The Sensex closed with a loss of 150.91 points or 1.58% at 9,385.42, after hitting an intraday high of 9,836.11 and low of 9,267.49. The 50-share NSE Nifty finished the day at 2810.35, down 38.10 points or 1.34% over previous close. BSE Midcap lost 65.19 points or 1.99% to close at 3,216.08 and Small Cap Index fell 48.33 points or 1.27% to 3,765.05.

Market breadth was weak; about 1,115 shares have advanced while 1,866 shares have declined. Nearly 211 shares remained unchanged.

Among the frontliners, ACC, Tata Motors, Tata Steel, HDFC, Jaiprakash Associates, Reliance Infrastructure, Zee Entertainment and Unitech lost 4.5-9.6%. However, Bharti Airtel, Tata Power, Reliance Communication, Tata Communication, Cairn India, Idea Cellular and PNB gained 1-3%.

The BSE Capital Goods Index underperformed other indices, tumbled 306.21 points or 4.22% to finish at 6,951.32. Punj Lloyd, L&T, BHEL, Thermax and Siemens lost 3.9-5%.