Stocks started off on a fairly bright note on the Indian bourses this morning, gave up early gains, and after moving in a tight range till a little past mid afternoon, plunged sharply into the red and ended the day with notable losses.
Though most of the markets in the Asian region eked out modest gains and the mood in European markets too was slightly positive, the Indian market tumbled amid high volatility ahead of expiry of December series derivatives contracts.
The BSE benchmark Sensex, which declined to 19,302.21 after surging to 19,504.40 earlier in the day, settled at 19,323.80, netting a loss of 93.66 points or 0.48%. The Nifty index of the National Stock Exchange closed with a loss of 35.50 points or 0.6% at 5870.10. The Nifty touched a high of 5930.80 and a low of 5864.70 during the session.
Information technology, oil, metal and capital goods stocks mostly closed weak. Consumer durables and FMCG stocks too ended lower. Healthcare and realty stocks saw some good spells in positive territory but failed to retain gains. Select power, bank, automobile and PSU stocks edged higher.BHEL
, Jindal Steel
& Power, Sterlite Industries
, GAIL India
, Mahindra & Mahindra
, Reliance Industries
lost 1% - 1.8%.
Hindustan Unilever, Sun Pharmaceutical
Industries, ICICI Bank
, Tata Consultancy Services
, Bajaj Auto
also ended weak.
Jaiprakash Associates, HCL Technologies
, Power Grid Corporation
, Ranbaxy Laboratories
, Asian Paints
, Reliance Infrastructure
and Grasim Industries
ended notably lower.
Bank of Baroda, Tata Motors
, State Bank of India
, Dr Reddy's
Laboratories, Cairn India
, Hindalco and Punjab National Bank
closed with notable gains.
Aurobindo Pharma surged higher following the company obtaining the USFDA nod to manufacture and market Nafcillin Injections in the United States. Clariant Chemicals and Kalpataru Power Transmission
also saw some hectic buying on stock specific news.
PC Jeweller made a fairly impressive debut. The stock rose to a high of Rs 154.70 and eventually ended the day at Rs 148.80, up more than 10% from the issue price. On the National Stock Exchange, the counter clocked a volume of nearly 65 million shares on Thursday.
The market breadth was weak. Out of 3026 stocks traded on BSE, 1664 stocks declined. 1228 stocks moved up and 134 stocks ended flat.