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Sensex ends 103 pts down on profit taking

Source : SIFY
Last Updated: Thu, Jan 24, 2013 11:08 hrs
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The Indian stock market ended notably lower today as investors indulged in some heavy profit taking at several counters. With no significant triggers to warrant any strong buying, and concerns about near term growth too prompting investors to tread cautiously, the market found the going quite tough today.

There were a couple of mild rallies from lower levels, but stocks retreated with investors treating even small upside movements as opportunities to trim down positions.

Realty stocks declined sharply, dragging the BSE Realty index down by over 4%. Automobile stocks, Tata Motors, in particular, reeled under pressure. Several stocks from metal, power, PSU and healthcare sectors ended notably lower. It was a weak session for stocks from oil, consumer durables and banking sectors as well. Capital goods stocks rebounded after Larsen & Toubro came out with impressive results. Information technology stocks ended on a mixed note, while FMCG stocks moved higher.

The BSE benchmark Sensex, which surged to 20,072.28 in early trades, ended the day with a loss of 102.83 points or 0.51% at 19,923.78, nearly 50 points off the day's low of 19,884.20. The Nifty index of the National Stock Exchange settled at 6018.65, slightly off the session's low of 6007.85, recording a loss of 35.75 points or 0.59%.

Tata Motors ended nearly 6% after the company's ADR plunged on the New York Stock Exchange on Wednesday following Jaguar Land Rover lowering its earnings forecast. GAIL India tumbled by 4.6%. Cipla, Hindalco, Sterlite Industries, Maruti Suzuki and Tata Power lost 2.3% - 3.6%.

Coal India, Bharti Airtel, Jindal Steel & Power, HDFC, ICICI Bank, NTPC, Bajaj Auto and BHEL ended lower by 1% - 2%. Reliance Industries, State Bank of India, Tata Steel, Mahindra & Mahindra and Hero Motocorp also closed weak.

Jaiprakash Associates ended lower by over 5.5%. Sesa Goa lost around 3.7%. Ranbaxy Laboratories, Reliance Infrastructure, Bank of Baroda, IDFC, Punjab National Bank, Grasim Industries, BPCL, Siemens and HCL Technologies also ended sharply lower.

Reliance Communications tumbled on weak results. Deepak Fertilizers, Andhra Bank, Polaris Financial Services and Prism Cement all declined on disappointing quarterly results.

Tata Communications ended weak following an announcement from the company that its wholly-owned subsidiary is contemplating to issue debt instrument in the form of Singapore dollar denominated senior notes.

HDIL plunged sharply and ended with a hefty loss following Citigroup Global Markets Mauritius Private Limited selling almost its entire stake in the company. According to reports, the company vice chairman and managing director Sarang Wadhwan also offloaded some shares.

The market breadth was very weak. Out of 2985 stocks traded on BSE, as many as 1674 stocks declined. 535 stocks moved up and 776 stocks ended little changed from their previous closing levels.


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