Markets down, Tata Motors takes a hit

Markets down, Tata Motors takes a hit
PTI
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First Published: Thu, Mar 27 2008. 08 00 PM IST
Updated: Thu, Mar 27 2008. 08 00 PM IST
Closing
Mumbai: The Bombay Stock Exchange benchmark Sensex ended lower by 71 points at close on Thursday on profit selling by funds in heavyweight stocks led by Tata Motors.
The 30-share Sensex, which had recorded the second biggest gain on Tuesday, fell by 71.27 points at 16,015.56.
The index touched the day’s low of 15,869.09 and a high of 16,111.44 points.
The National Stock Exchange index Nifty, also added 1.40 points at 4,830.25. It dip to 4,769.60 and rose as high as 4,863.75 points.
A decline in bank, information technology and oil and gas sector stocks mainly pulled the BSE barometer down. Bank index lost 125.14 points at 8,176.66, while IT index by 112.80 points at 3,579.75 and oil and gas by 63.58 points at 10,107.98.
Sensex member Tata Motors dropped the most in more than two months after reports of its $2.3 billion purchase of Jaguar and Land Rover.
Banking and finance company stocks fell led by Housing Development Finance Corp., which recorded the biggest decline since 17 March as 3.4 million shares of the company changed hands in single trade, the most this year.
Brokers said there was some selling pressure in the market following monthly settlement in derivative contracts today, which take place on the last Thursday of every month.
A steep rise in metal and realty stocks checked any major fall in the market. Metal sector index spurted by 108.80 points at 13,853.98 as Hindalco Industries, the biggest producer of non-ferrous metals, rose to its highest in more than a week after UBS AG upgraded its earnings estimates, based on a higher aluminium price forecast.
Opening
Mumbai: The Bombay Stock Exchange benchmark Sensex lost 204 points and moved below the 16,000 level in early trade on Thursday on emergence of profit booking by funds.
The 30-share index, which has regained the 16,000 level on 25 March, tumbled by 203.80 points to 15,883.03 in the first five minutes of trade.
The wide-base National Stock Exchange Index, Nifty, also lost 59.25 points to 4,769.60.
Selling pressure was more confined to banking and auto stocks, marketmen said.
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First Published: Thu, Mar 27 2008. 08 00 PM IST
More Topics: Stocks | Open | Plunge | Sensex | Nifty |