Sensex slips 100 points at close, Nifty down 44

Sensex slips 100 points at close, Nifty down 44
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First Published: Wed, Jul 16 2008. 03 33 PM IST
Updated: Wed, Jul 16 2008. 03 33 PM IST
New Delhi: The markets ended weak after a choppy session with the benchmark index closing down 100 points at 12,576 levels.
The Sensex moved in a broad range of 12,514 – 12,935 levels in intra-day deals. In broader markets, the Nifty slipped to 2008 lows intra-day, but ended down 44 points at 3,817 levels.
“Technically, Nifty futures will signal fresh bearishness once the 3,790 region is broken and it may then slip to 3,730 -3,700,” said a technical analyst with Religare Securities.
“Political uncertainty will continue to remain a major factor affecting the bourses and causing volatility besides the international cues and oil,” he added.
Leading the pack of losers among the Sensex counters was DLF Limited. It shed 7.6% or Rs32 by close of trade. ACC, Mahindra and Mahindra, Tata Steel and Jaiprakash Associates also closed in the red.
HDFC skidded 4.1% or Rs74 on the back of the company reporting a lower-than-expected PAT of Rs468 crore for Q1FY09.
Ranbaxy, however, moved up 15.7% on the company issuing clarification on the probe by US FDA. It also stated that the deal with Japanese pharma firm – Daiichi Sankyo is on track.
Among sectoral indices, the BSE FMCG index was the biggest gainer that moved up around 1.8%. ITC Limited, Tata Tea, Hindustan Unilever and Marico Limited were some of the notable gainers in this pack.
However, realty scrips continued to reel under selling pressure on fears of another interest rate hike. Unitech Limited is the worst hit in this space, slipping 10.7%. Anant Raj Industries, Ansal Infrastructure and Omaxe Limited also lost considerable ground besides DLF Limited and Jaiprakash Associates.
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First Published: Wed, Jul 16 2008. 03 33 PM IST
More Topics: Markets | Stocks | Sensex | Nifty | BSE |