Sensex down 217 points as weakness persists

Last Updated: Tue, Mar 19, 2013 08:42 hrs

After staging a recovery of sorts earlier this afternoon following remarks by the finance minister P Chidambaram that the UPA government has absolute majority in Lok Sabha and that the DMK's withdrawal will not affect the government, the market has faltered again amid a fresh round of selling at several counters.

The Sensex is now down 216.66 points or 1.12% at 19,076.54. The Nifty is down with a loss of 71.15 points or 1.22% at 5764.10.

Bank, automobile and realty stocks, which had a fairly good start today, are among the prominent losers now, despite the central bank cutting the repo rate by 25 basis points.

Shares from FMCG, infrastructure, media, metal and PSU sections are also mostly down with notable losses. Information technology and FMCG stocks are finding fairly decent support.

BHEL and Jindal Steel & Power are down 4.2% and 4%, respectively. Hero Motocorp, Mahindra & Mahindra, HDFC, ONGC, State Bank of India and Sterlite Industries are down 2.4% - 3.3%.

Larsen & Toubro, Hindustan Unilever, Bharti Airtel, Hindalco, Coal India, Tata Steel, ICICI Bank, Cipla and HDFC Bank are also down with notable losses.

GAIL India is trading stronger by 2.3%. ITC, Sun Pharmaceutical Industries, Bajaj Auto, Wipro, Infosys and Maruti Suzuki are up 0.3% - 1%.

Sun TV Network, down 5.8%, is the biggest loser in BSE 'A' Group. Lanco Infratech, Madras Cements, Oriental Bank of Commerce, Power Finance Corporation, Canara Bank, REC, Muthoot Finance and Oil India are down 3.5% to 5.5%.

IRB Infrastructure, United Phosphorus, Aditya Birla Nuvo, Allahabad Bank, Pantaloon Retail, Century Textiles, Emami, ING Vysya Bank, Bank of India, Reliance Power, HDIL, Reliance Communications and DLF are also down with sharp losses.

Pidilite Industries, Marico, Core Projects, Astrazenca Pharma, Coromandel International, IPCA Laboratories, Biocon, Hexaware Technologies, Ashok Leyland, Tata Chemicals, Ranbaxy Laboratories and Lupin are all trading higher, gaining 1% - 4%.

The market breadth is very weak. Out of 2809 stocks seen in action on BSE, as many as 1900 stocks are trading lower. 785 stocks are up with gains and 124 stocks are trading flat.

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