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Wednesday, November 12, 2008

Market losses in second half


The market saw high volatility during the day, as stocks gyrated between the either sides of the zones throughout the session with the Sensex witnessing an intra-day swing of 551 points. The market opened lower on overnight loss in the US markets, but pared early losses as investors' sentiment turned positive and touched the day’s high of 9,929, up 59 points. Thereafter, sustained selling in frontline, realty and banking stocks saw the Sensex enter into negative territory. After displaying some range-bound moves, the market plunged deep into the red on heavy selling towards the close to touch the day's low of 9,377. The Sensex finally closed the session at 9,536, down 303 points. Nifty had a close at 2,855, down 84 points.

The breadth of the market was negative. Of the 2,593 stocks traded on the BSE, 1,673 stocks declined, whereas 845 stocks advanced. Seventy five stocks ended unchanged. Among the sectoral indices BSE Realty shed 7.34%, BSE Bankex fell 4.38% and BSE Metal was down 3.67%. The remaining indices were 1-3% down.

Selling was evident in select heavyweights. JP Associates dropped 9.13% at Rs77.10, DLF declined 8.61% at Rs244.60, ICICI Bank tumbled 8.35% at Rs397.90, Reliance Infrastructure shed 6.53% at Rs540.70, Hindalco Industries dipped 5.75% at Rs56.55, Hindustan Unilever was down 4.79% at Rs234.65 and Sterlite Industries shed 4.57% at Rs237.05.

Over 1.74 crore shares of Tata Teleservices changed hands on the BSE followed by Suzlon Energy (1.73 crore shares), GVK Power and Infrastructure (1.60 crore shares), JP Associates (87 lakh shares) and Reliance Natural Resources (86 lakh shares).