Sensex dropped 128 pts as capital goods, refinery stocks fall

Sensex dropped 128 pts as capital goods, refinery stocks fall
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First Published: Wed, Jun 13 2007. 05 12 PM IST
Updated: Wed, Jun 13 2007. 05 12 PM IST
Mumbai: The benchmark Sensex plunged by nearly 128 points on the Bombay Stock Exchange (BSE) on 13 June on heavy profit booking by funds, particularly in capital goods and refinery stocks.
The Sensex, which had been on upward trend with the opening of mega issue of DLF, fell by 127.92 points, or by 0.91% at 14,003.03, after dipping below 14,000 points level at one stage. Initially, it rose to 14,152.79 points.
The National Stock Exchange index (Nifty) fell by 42.15 points, or by one per cent at 4113.05. It moved between 4102.95 and 4161.80 points during the session.
The major puller to the key indices were heavy machinery stocks like BHEL, Larsen and Toubro, ABB and Gammon India with the capital goods index losing 131.94 points at 10,724.38.
The second biggest loser was Oil and gas index by 93.35 points at 7397.36, as stocks such as Reliance Industries, ONGC and Bharat Petroleum fell sharply.
Overall market breadth was also negative with 54% of all the BSE stocks declining as against just about 42% moving higher.
The trading volume jumped to Rs 4,189.24 crore from Rs 3,835.80 crore on 12 June. Time Techno recorded the highest turnover of Rs 636.28 crore followed by Tata Steel (Rs 147.93 crore), RIL (Rs 147.89 crore), ICICI Bank (Rs 104.33 crore) and Nestle (Rs 103.66 crore).
PSU banking giant SBI was the biggest loser on the Sensex with a fall of over 3% in its share price to Rs 1,289.40, while HDFC dropped 1.7% to Rs 1,751.15.
ICICI Bank, the country’s biggest private lender, also lost 0.7% to Rs 912.90, while its nearest rival HDFC Bank shed 0.5% to Rs 1,082.
Among the 16 stocks on the BSE Bankex index, only Canara Bank managed to close in the positive territory, while sharp losses were registered by stocks like Bank of India, Oriental Bank of Commerce, Kotak Bank, Bank of Baroda and Andhra Bank.
Reliance Communications, HLL, L&T, Wipro, Reliance Industries and Hero Honda were among the other major losers.
While select pharma stocks managed to beat the broad-based downslide, significant selling was seen on auto, FMCG, capital goods, metal, energy and select IT counters.
Dr Reddy’s Labs, Satyam, Tata Motors and Hindalco were among the major gainers. While DRL rose by 2.72% to Rs 627.80 and Satyam gained by 1.65% to Rs 486.35, none of the other gainers on the Sensex managed to rise by 1%.
GV Films, IFCI Ltd, Reliance Natural Resources Ltd, Dabur India, Essar Shipping, Reliance Petroleum, Hindalco and Industrial Development Bank were among the top-traded counters on the BSE.
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First Published: Wed, Jun 13 2007. 05 12 PM IST
More Topics: Money Matters | Equities |