Sensex ends sub 9000; Metal, TECK, power, IT, bankex dip 4-5 per cent

18 November 2008

Negative sentiment in global indices and fall in heavyweights weighed on the markets. The Nifty and Sensex struggled at the psychological mark of 2,700 and 9,000, before closing below those levels. Telecom, technology, banking, power, metal, capital goods and realty took a huge beating on the bourses. Midcap and smallcap stocks remained under pressure.

Biggest contributors to this fall are NTPC, Bharti Airtel, ONGC, SBI, TCS, Wipro, Infosys, ICICI Bank, HDFC, L&T and Reliance Communication.

It was the fifth consecutive fall in the Indian benchmark indices. The Sensex has touched an intraday low of 8,871.71, before closing the session at 8,937.20, down 353.81 points or 3.81% over previous close. The 50-share NSE Nifty shut the shop at 2683.15, down 116.40 points or 4.16%, after hitting an intraday low 2664.30. All indices ended in red.

BSE Midcap Index was down by 73.04 points or 2.33% to 3,060.32 and Small Cap Index lost 102.73 points or 2.81% to 3,558.66.

Market breadth was extremely weak; about 743 shares have advanced while 1968 shares have declined. Nearly 482 shares remained unchanged.

Among the frontliners, Wipro, NTPC, ACC, TCS, ICICI Bank, NALCO, Unitech, Idea Cellular and HCL Tech tumbled 6.8-13%. However, Ranbaxy Labs, Hero Honda and Sun Pharma closed in green.