All round selling drags market
Intensified selling in scrip’s on the bourses dragged the key indices to close in deep red. The key indices lost ground for the first week after six weeks of continues gains, NSE Nifty fell 0.89% and benchmark Sensex dropped 0.50% during the week. After opening in green the markets the markets was on a southward journey as Oil & Gas, Auto, FMCG, Metal and technology index fell sharply. Finally, the BSE benchmark Sensex fell sharply losing 172 points to close at 13799. NSE Nifty also dropped 53 points to close at 3962.
Aurobindo Pharma edged lower 0.6% to Rs660. The company announced that it would consider plans to merge 2 units with itself on 15th December. The scrip touched an intra-day high of Rs672 and a low of Rs655 and recorded volumes of over 18,000 shares on NSE.
IDBI surged over 2% to Rs85 after the company seeks regulatory permission to open new branches. The scrip touched an intra-day high of Rs85 and a low of Rs83 and recorded volumes of over 9,00,000 shares on NSE.
SBI advanced 1% to Rs1361 as the company is likely to come out with a public issue in the next financial year. The scrip touched an intra-day high of Rs1617 and a low of Rs1350 and recorded volumes of over 2,00,000 shares on NSE.
IOC edged lower 0.7% to Rs442. The company bought 12.5% stake in Trans-Anatolian Pipeline Company. The scrip touched an intra-day high of Rs458 and a low of Rs441 and recorded volumes of over 12,000 shares on NSE.
Profit booking dragged the Auto stocks down. Tata Motors, Bajaj Auto, M&M and Maruti were among the major losers.
Telecom stocks also lost ground, heavy weights Bharti Airtel edged lower 0.6% to Rs634 and Reliance Communication lost 1.8% to Rs447. VSNL slipped 2.1% to Rs425 and MTNL was down 0.5% to Rs135.
Power stocks also pared their intra-day gains as profit booking dragged select stocks, Suzlon Energy marginally slipped 0.3% to Rs1350 and Tata power fell 1.6% to Rs584. However, Reliance Energy surged over 2.3% to Rs554.
Technology stocks were on the receiving end on back of profit booking. Index heavy weights Satyam Computer lost 2.7% to Rs455, Infosys fell by over 1.3% to Rs2195 and Wipro was down 1.2% to Rs576. Among the Mid-Cap stocks Moser Baer, HCL Tech and Tata Elxsi were among the major losers.
Pharma stocks were in poor health. Glaxo dropped by over 1.9% to Rs1189, Sun Pharma fell 1.2% to Rs994, Cipla was down 0.5% to Rs247.