Markets end weak on -ve global cues; largecaps drag

25 November 2008

It was a disappointing session of trade as the benchmark indices closed sharply lower due to weak European cues as well as negative US markets futures. It had looked like the session would be good for the entire day following a smart rally in the US markets on Monday but the rally got fizzled out in second half of session. Midcap and smallcap stocks also tumbled.

Reliance Industries, SBI, Bharti Airtel, L&T, Reliance Communication, Infosys, HDFC, TCS, BHEL, ITC and Tata Steel were contributors to this fall.

The Sensex shed 207.59 points or 2.33% to settle at 8,695.53. It fell around 487 points from the day's high of 9,182.80. The 50-share NSE Nifty closed at 2,654 losing 2% or 54.25 points over previous close. It shed 136.7 points from the day's high of 2790.70.

The BSE Midcap Index slipped 29.70 points or 1.02% to 2,872.59 and the Small Cap Index was down 30.54 points or 0.91% at 3,333.42.

Market breadth was weak; about 1,085 shares advanced while 1,593 shares declined. Nearly 518 shares remained unchanged.

Selling was led by oil and gas stocks. The BSE Oil & Gas Index fell 217.30 points or 3.86% to 5,409.37. Reliance Industries crashed 6.85%. Oil marketing companies like HPCL and BPCL lost 1-2.5%. However, ONGC gained 0.97%. Crude was hovering around USD 52-53 to a barrel on the Nymex.