overview-II

Market maimed amid sharp volatility
The Sensex witnessed a wild intra-day swing of 486 points and dropped 107 points at close on broad-based selling pressure.
The market recorded its third straight loss as players resorted to heavy selling on lack of liquidity support from FIIs, which have been offloading equities sharply in
the past few sessions. Positive international indices also failed to lift the sentiment, as the Sensex drifted into negative territory in late morning trades after gaining 162 points in early trades to touch the day's high of 17,689. The sentiment turned extremely bearish in noon trades as sustained selling in heavyweights, CD, metal, realty and bankex stocks dragged the index below to an intra-day low of 17,203. The Sensex, which gyrated 486 points during intra-day trades, finally ended the session with losses of 62 points at 17,465, while the Nifty dropped 13 points to close at 5,120.

Movers & Shakers

* Marg Construction lost despite the launch of its mega infrastructure project--MARG Swarnabhoomi.
* Elecon Engineering gained on reports that the company has been awarded a prestigious order of Rs47.00 crore by M/s Sical Iron Ore Terminals, Chennai.
* Larsen & Toubro slipped even after the company won Rs1,107 crore order from SAIL's IISCO Steel Plant at Burnpur.
* Bharat Forge rose on report that the Company signed a MOU with NTPC to set up a joint venture company.
* ABB rose marginally on winning Rs330 crore worth of substation orders from Power Grid Corporation of India.


The market breadth was exceedingly negative. Of the 2,801 stocks traded on the BSE, 2,250 stocks declined, 511 stocks advanced and 40 stocks ended unchanged. All the sectoral indices ended in the red. The BSE CD index dropped 3.20% at 4,737 followed by the BSE Metal index (down 2.67% at 15,115), the BSE Realty index (down 2.46% at 9,784), the BSE Bankex index (down 2.17% at 10,159) and the BSE CG index (down 1.62% at 15,859).

Out of 30 Sensex stocks, only 14 stocks managed to end in positive territory. Among the major laggards, HDFC slumped 4.47% at Rs2,796, ICICI Bank tumbled 3.49% at Rs1,066.70, DLF plunged 3.33% at Rs816.70, HDFC Bank declined 3.06% at Rs1,445.95, L&T dipped 2.84% at Rs3,527, Tisco crumbled 2.72% at Rs750.40, Bajaj Auto lost 2.70% at Rs2,217, M&M shed 2.08% at Rs644.95, Hindalco fell 1.71% at Rs160.50 and NTPC was down 1.50% at Rs203.30. Hind Utilities, however, bucked the downtrend and advanced 6.09% at Rs211.75, Infosys ended with steady gains at Rs1,551.35, Satyam moved up at Rs410, Wipro soared at Rs422.45, ITC, Ranbaxy, Bharti Airtel, TCS, SBI, ONGC, ACC and Maruti traded with decent gains.

Over 2.90 crore Ispat Industries shares changed hands on the BSE followed by RPL (1.69 crore shares), Chambal Fertilisers (57.04 crore shares), Arvind Mills (43.65 lakh shares) and Ashok Leyland (42.26 lakh shares).
Source:-stockresearch.