Banking, metal bears pull market 102 points lower

Today's major news

Alok Industries to wind up realty foray: the stock surged 5.36%.

Suzlon Energy bags contract from Rajasthan State Mines: the stock closed lower by 1.00%.

HCL inks tech infrastructure pact with Newscorp arm; the stock rose 1.96%.

Kiri Dyes to buy DyStar for 1 Euro; the stock jumps 4.39%.

Orient Abrasives is setting up a wind turbine project; the stock ends 2.59% higher.

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Post-market summary

Global signals

European indices opened lower on Wednesday, with banks stocks under pressure on renewed concerns over their exposure to Dubai’s debt crisis. At the time of writing this report FTSE 100 was down by 0.35%.

Among major Asian indices, except Kospi all other indices closed lower. Nikki was able to sustain 10000 level. SGX Nifty closed 37 points lower.

On Wednesday, US stock futures rose marginally as Obama administration plans to extend the bailout package until the next October.

Indian indices

In the lack of triggers that could provide direction to the domestic market, the Sensex continued its volatility today also swinging by 170 points for the day. The market however closed lower on the back of weak global cues and selling pressure in metal and banking stocks. The Sensex opened 23 points lower; the day’s high was 17228 and the day’s low was 17057. At closing bell, the Sensex was at 17125, 102 points lower. Nifty closed 36 points lower at 5112.

Market sentiment

The market breadth, the number of advancing shares to declining ones, was marginally positive. Of the 2,888 stocks on the BSE, 1,507 stocks advanced, whereas 1,306 stocks declined. Seventy five stocks closed unchanged.

Sectoral & stock screening

Of the 13 sector indices on the BSE, five indices closed green while eight indices closed red. BSE IT surged the most with gains of 0.81% followed by BSE TECk that rose 0.74% for the day. Among losers BSE Metal slid the most by 2.09% followed by BSE Bankex that fell by 1.58%.

On stocks’ front, Tata Teleservices topped the chart with gain of 4.28% followed by Idea Cellular that rose by 3.96% and NMDC that rose by 3.90%. Among losers, Tata Steel slid the most by 4.17%, followed by Bank of Baroda that fell by 3.94% and Indiabulls Financial Services that shed 3.92%.

Viewing volumes

India’s second largest realty company Unitech saw a turnover of more than 1.57 crore shares to be followed by Suzlon Energy (1.41 crore shares), IFCI (1.15 crore shares), Reliance Natural Resources (0.50 crore shares) and Bharti Airtel (0.35 crore shares).