Metal, banking pull Sensex 146 points lower

Selling in metal, banking & oil & gas stocks led to a major decline in today’s trade. Sensex slipped 146 points and the Nifty fell 45 points

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Indian Indices

The Indian markets remained under pressure in today’s trade and closed the session with losses. Heavyweights like ICICI Bank, RIL, Jindal Steel, ITC, SBI, HDFC, M&M led the decline. Continuous selling in metal, banking, oil & gas, auto and FMCG weighed on the sentiments Markets ignored positive European cues and closed the trade on a weak note.

Sensex movements:

The Sensex opened the trade 20 points lower at 15854. All-round selling led the market to remain in red all throughout the day. The index hit the day’s low of 15666 in the early afternoon trade. The Sensex was down 146 points to 15728 at the close and the Nifty fell 45 points to settle at 4706.

Market sentiment:

The market breadth stood in favour of declines. Of the 2845 stocks traded on the BSE, 1055 (37.08%) rose, 1667 (58.59%) fell and 123 (4.32%) stocks remained unchanged.

Viewing volumes:

Industrial finance company - IFCI was traded the most, with over 0.62 crore shares changing hands on the BSE. India's second largest developer - Unitech (0.29 crore shares), Wind turbine major - Suzlon Energy (0.26 crore shares), an India-based
agri-business company - Jain Irrigation Systems (0.22 crore shares), a Jaypee Group firm - Jaiprakash Associates (0.19 crore shares).

Sectoral & stock screening:

Among 13 sectoral indices 11 sectors were in red. Top Gainers - BSE Power up by 0.78%, BSE CG surged by 0.32%. Top Losers - BSE Metal down by 2.05%, BSE Bankex fell by 1.98%, BSE Oil & Gas declined by 1.63%.

Among 'A' group stocks, top three gainers were- Jain Irrigation Systems rose by 9.76%, IFCI surged by 6.30% and Redington India advanced by 3.46%. Top three losers were- Adani Power fell by 7.51%, Jindal Steel & Power down by 7.07%, and Gujarat Fluorochemicals declined by 6.80%.

Global Indices:

The European shares extended their gains on Wednesday (December 28, 2011), with fresh worries over the euro zone debt crisis and Iran's threat to stop the flow of oil through the Strait of Hormuz capping gains.

The Asian stock markets fell on Wednesday ahead of a closely watched Italian bond sale this week, while Tokyo Electric Power Co plunged after Japan's trade minister urged the utility to consider temporarily going under state control.

The Stock index futures pointed to a lower open on Wall Street on Wednesday.