Again a Manic Monday?
The fall continued on D-Street as bulls again struggled to sustain gains. Weak global cues compelled the markets to open in negative territory. The markets tumbled down the line after accumulating over 70 points in the morning session, Even lower inflation figures were unable to aid the markets to hold on to their gains as heavy sell off was witnessed wide across the board. BSE Capital Good and Technology index led the downfall as both indices fell over 2% dragging the benchmark index to hit a low of 12698.79. Finally, the 30-share benchmark Sensex slumped 273 points to close at 12886. NSE Nifty fell 84 points to close at 3726.
ITC declined over 3.5% to Rs166 on concern of Levy of VAT on Tobacco. The scrip touched an intra-day high of Rs172 and a low of Rs165 and recorded volumes of over 1,00,00,000 shares on NSE.
ABG Shipyard surged over 6% to Rs365 after reports stated that the company has secured rig orders worth Rs350mn. The scrip touched an intra-day high of Rs371 and a low of Rs339 and recorded volumes of over 87,000 shares on NSE.
Metal stocks also ended lower, the index lost 1.21%. SAIL lost 2.5% to Rs106, Tata Steel slipped 1.7% to Rs443, Sterlite Industries was down by 1.5% to Rs470 and Hindustan Zinc declined over 3% to Rs603.
Sugar stocks further gained momentum after the government allowed sugar mills to export 600,000 tons. Bajaj Hindusthan advanced 2.6% to Rs179, Renuka Sugar jumped over 4% to Rs330, Sakhti Sugar surged over 4% to Rs69 and Balrampur Chini added 2.5% to Rs62.
Auto stocks also pared its intra-day gains as selling pressure also dragged them lower. M&M lost over 4% to Rs770, Tata Motors slipped 1.8% to Rs775, Maruti fell 1% to Rs833 and TVS Motors declined 2.1% to Rs60.
Oil & Gas stocks were on the receiving end. BPCL slipped over 3% to Rs300, IOC was down 0.8% to Rs408 and HPCL lost 1.5% to Rs263.
Oil exploration stocks were a mixed bag, Reliance Industries lost over 3.5% to Rs1316, however ONGC added 0.5% to Rs798.