Markets end weak; Sensex loses 50.11 pts

Indian equities ended on a marginally lower note tracking weak cues of the global equity markets. Consumer Durables and Realty were amongst the worst hit stocks. On the other hand, Auto, PSU and Banking stocks witnessed buying spree.Real Estate companies traded under the shadow of Housing Development & Infrastructure (HDIL) which had taxmen knocking. Most of the real estate shares retreated.

Major gainers in the sectoral indices were BSE Auto (1.04%), PSU (0.93%), Bankex (0.49%) and Oil&Gas (0.24%). On the other hand, Consumer Durables (1.06%), Realty (0.79%), Teck (0.55%) and Capital Goods (0.55%) were amongst the major losers in the sectoral indices.

BSE Midcap and Smallcap however ended on a higher note up by 0.15% and 0.46% respectively.

``The market moved in a narrow range today and closed a little lower than yesterday. The advances and declines were evenly matched,`` noted Avinash Gupta, AVP Research Equity, Bonanza Portfolio. ``The market has closed on a positive note though Nifty continues to bound in a range of 4,700 and 4,850,`` he added.

On the global front Asian stocks ended on a negative note amid concern a six-month rally had overvalued prospects for an earnings recovery in the region.

Honda Motor retreated 3% in Tokyo on concern the yen`s appreciation to a seven-month high against the dollar will reduce the value of overseas revenue.

Japanese benchmark index Nikkei lost 242.27 points, or 2.32%, to end at 10,202.06 while Hong Kong`s Hang Seng index sank 229.22 points, or 1.08%, to close at 20,932.20.

Meanwhile, European stocks declined on concern the six-month rally in equities have outpaced the prospects for earnings and economic growth.

Societe Generale and Deutsche Bank fell after Nomura Holdings downgraded the shares. BHP Billiton sank almost 2.5% in London as metals retreated.

Standard & Poor`s 500 Index futures expiring in December slid 0.8%.

UK`s benchmark index FTSE 100 fell 34.55 points, or 0.69%, to trade at 4,976.92.

The Sensex ended the day with a loss of 50.11 points, or 0.31% at 16,214.19 after touching a high of 16,252.18 and a low of 16,119.95. The broad-based NSE Nifty fell 20.95 points, or 0.43% at 4,808.60 after hitting a high of 4,832.25 and a low of 4,786.25.

Biggest gainers in the 30-share index were Tata Steel (2.12%), Tata Motors (1.97%), State Bank Of India(1.95%), Hindustan Unilever (1.62%), Mahindra & Mahindra (1.44%), and Jaiprakash Associates (1.21%).

On the other hand, Sterlite Industries (India) (3.55%), Hindalco Industries (2.46%), Grasim Industries (2.01%), Reliance Capital (1.94%), Reliance Communications (1.83%), and DLF (1.67%) were the biggest losers in the Sensex.

Overall market breadth was however positive. Out of the total 2,855 shares traded at BSE, 1,472 advanced, 1,310 declined while 73 remained unchanged.