Metals, Autos and Reliance stocks lead market fall

28 June 2005

Markets opened the day with a fair amount of volatility as the indices opened with marginal gains and slipped into red soon after. After declining more than one-third of a per cent, the indices made an attempt to recover lost ground.

Support for the indices came mainly from HLL and TCS while most other frontline stocks were weak from the morning. The attempt at recovery was weak and markets declined steadily for the rest of the day ion selling pressure.

The sell-off gathered momentum by late afternoon as many of the larger stocks led by metal stocks and Reliance pack went deep into the red. Weakness was also seen in auto sector stocks and most tech stocks.

The Sensex closed at 7049, down 102 points and the Nifty at 2170, down 30 points from yesterday's close. Nifty June futures discount to the spot narrowed to 3 points from yesterday's 20 points.

June futures are set to expire this Thursday and the July Nifty futures are quoting at a discount of 25 points to the spot index.

Among Nifty stocks, HDFC, Bharti and Zee Tele were the major percentage gainers while Tata Steel, Dabur and Gujarat Ambuja Cement were the major losers.