The market started off on a high note this morning with investors going on a buying spree, betting on hopes the government would speed up economic reforms. But, it retreated from higher levels around mid morning and then slid sharply into the red past mid afternoon, before staging a smart rally from lower levels.
The benchmark indices Sensex and Nifty ended the day in the red, but well off intra-day lows. While the Sensex, which rose to 19,612.29 and plunged to a low of 19,285.29 during the day, ended the session with a loss of 22.55 points or 0.12% at 19,387.14, the Nifty closed at 5898.80, recording a loss of 10.10 points or 0.17%. The NSE barometer touched a high of 5965.15 and a low of 5865.45 during the day.
Realty stocks declined sharply, and mirroring their fall, the BSE Realty index ended nearly 2% down. Power, PSU, oil and information technology stocks too mostly closed weak. Metal, bank and capital goods stocks had a bright spell early on in the session, but failed to hold at higher levels. Select automobile and healthcare stocks edged higher. FMCG stocks had a fairly good outing.
Jindal Steel & Power, Bajaj Auto and Hindustan Unilever ended stronger by 2% - 2.6%. Sun Pharmaceutical Industries moved up by 1.8% and HDFC gained around 1.3%. ITC, Hero Motocorp and Larsen & Toubro closed with modest gains.
Ambuja Cements, Ultratech Cement, ACC, IDFC, BPCL and Siemens ended on a firm note.
Hindalco, BHEL, Cairn India, DLF, HCL Technologies, NTPC, Tata Consultancy Services, ONGC, Coal India, Reliance Industries, Punjab National Bank, Bharti Airtel, Maruti Suzuki, Tata Steel and Tata Power ended lower by 1% - 2.8%.
Wipro saw some brisk buying in morning trade following an announcement from the company that it has sold its vanaspati brand 'Sunflower' to food multinational Cargill.
Bharat Electronics moved higher following the company signing a pact with Israel Aerospace Industries for co-operation on future long range surface to air missle ship-defence system projects.
NMDC surged higher ahead of a stake sale that will commence on Wednesday. L&T Finance Holdings, Reliance Communications and Karnataka Bank declined on profit taking.
The market breadth was weak. Out of 3061 stocks traded on BSE, 1766 stocks declined. 1154 stocks moved up and 141 stocks ended flat.