Bulls appear lost on D-Street
Volatile trading session ended in red, the key indices fell for second straight day as bears won the intra-day battle. The markets witnessed huge gyrations throughout the day with benchmark Sensex swinging over 300 points in intra-day hitting a low of 13232.56 and high of 13568.09. The low sentiments of the investors turned positive as the Finance Minister Pridiyathorn Devakula said that the controls would not apply on equities aiding the benchmark Sensex to open on a firm note, however the key indices lost ground as selling pressure in the Auto, Banking and select Technology stocks dragged the index to end in negative territory. Finally, the BSE benchmark Sensex lost 41 points to close at 13340. NSE Nifty slipped 16 points to close at 3815.
ITC gained 1.2% to Rs170 after the company planned 54 new fresh food stores. The scrip touched an intra-day high of Rs177 and a low of Rs169 and recorded volumes of over 91,00,000 shares on NSE.
HCL Tech edged lower 0.5% to Rs599. The Company got selected by Skandia UK for $200mn deal. The scrip touched an intra-day high of Rs619 and a low of Rs579 and recorded volumes of over 16,00,000 shares on NSE.
Pharma stocks were in good health. Cipla advanced 1.4% to Rs244, Glaxo gained 1.6% to Ras1150, Sun Pharma was up 1.15% to Rs952 and Ranbaxy edged higher 0.5% to Rs390.
Power stocks ended in darkness. Tata power declined 2.6% to Rs556. The company announced that they would raise money locally, overseas for Mundra project, Suzlon Energy dropped 3.1% to Rs1239 and Reliance Energy slipped 1.7% to Rs513.
Capital Good stocks were also on the receiving end. Siemens lost 1.2% to Rs1117, L&T edged lower 0.5% to Rs1409, BHEL was down 0.5% to Rs2280 and Punj Lloyd slipped 1.5% to Rs968.
Consumer Durable stocks stood firm in volatile trading session. Gitanjali Gems surged over 3.8% to Rs222 after the company bought Samuels Jewelers of US, Videocon Industries advanced over 2.8% to Rs440 and Titan added 0.7% to Rs743.
Banking stocks pared their early gains on back of profit booking. Index heavy weights ICICI Bank declined, HDFC bank and SBI were among the major losers