Sensex closes lower by 654.32 points, Nifty down by 178.60

Sensex closes lower by 654.32 points, Nifty down by 178.60
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First Published: Tue, Jul 15 2008. 04 56 PM IST
Updated: Tue, Jul 15 2008. 04 56 PM IST
Livemint.com
New Delhi: The domestic market ended the day in deep red. There was a blood bath in the markets on account of strong selling pressure in key stocks. The Indian market opened with a heavy gap down with weak cues from the global market.
The BSE Sensex closed lower by 654.32 points at 12,676.19 and NSE Nifty ended down by 178.60 points at 3,861.10. The BSE Mid Caps and Small Cap closed with loss of 167.29 points and 209.16 points 5,163.51 and 6,630.90 respectively. The BSE Sensex touched an intraday high of 13,067.08 and an intraday low of 12,605.
Taking the market down was financial sector uncertainty in the US. California-based bank IndyMac saw panicked investors withdraw more than $1.3bn in 11 days. The regulators had to step in concerns of the bank not having enough cash for operations and seized its assets. Further, domestic political uncertainty and inflation worries also added to woes that led the market to trade completely on the back foot.
On the sectoral front, Bankex index were completely hammered to close with a deep cut of more than 7%. Capital Goods, Metal and Reality stocks followed with respective indices reporting losses of more than 5%. The market breadth was negative as 535 stocks closed in green while 2105 stocks closed in red. Fifty-seven stocks remained unchanged.
Losers from the BSE were Ranbaxy Lab (14.01%), HDFC Bank Ltd (11.26%), ICICI Bank Ltd (8.72%), Hindalco (8.30%), Hindalco (7.22%), HDFC (6.86%), BHEL (6.66%), Wipro Ltd (6.54%), SBI (6.35%) and DLF Ltd (6.33%).
The Metal index closed down by 671.55 points at 12,225.64. Losers were JSW SL (8.62%), Hindalco (8.30%), Sh Precoated (7.32%), Hindustan Zinc (6.19%), Sterrlite In (5.73%), Welspan Gujarat Sr (5.65%) and Tata Steel (5.42%).
The Capital Goods Index closed lower by 564.26 points at 10,175.75. Losers were Alstom Proje (7.26%) along with BHEL (6.66%), Siemens Ltd (6.25), Cropmton Greaves (6.19%), BEML Ltd (6.07%), Punj Lloyd (5.83%) and Suzlon Energy (5.80%).
The Banking index closed lower by 462.52 points at 5,508. HDFC Bank Ltd (11.26%), Yes Bank (9.10%), ICICI Bank Ltd (8.72%), Union Bank (7.65%), SBI (6.35%), and Axis Bank (6.17%) closed in negative territory.
The Oil & Gas index ended down by 307.37 points at 8,677.70. Lossers are Reliance Natural Resources (5.21%), HPCL (5.04%), Essar Oil Ltd (4.34%), BPCL (4.09%), ONGC (3.63%) and Reliance (3.42%).
The Reality index ended down by 259.08 points at 4,503.45. As Purvankara (7.85%), Penland Ltd (6.70%), DLF Ltd (6.33%), Unitech Ltd (6.17%), Omaxe Ltd (5.47%), and Sobha Dev (5.37%) closed in negative territory.
The Pharma index lost 170.67 points to close at 3,909.25. Major losers are Ranbaxy Lab (14.01%), Matrix Labs (5.16%), Glenmark Pharma (4.98%), Devi’s Lab (4.50), Biocon Ltd (4.18%) and Fortis healt (3.92%).
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First Published: Tue, Jul 15 2008. 04 56 PM IST
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