Markets close down on a volatile note

Markets close down on a volatile note
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First Published: Tue, Feb 13 2007. 04 59 PM IST
Updated: Tue, Feb 13 2007. 04 59 PM IST
  While th e recovery of the markets at noon after a weak opening came as a relief to investors across all sectors , sensex dropped 100 points at the end of the day’s business. The Sensex closed down 99.72 points or 0.70% at 14090.98, and the Nifty down 13.75 points or 0.34% at 4044.55.
About 1028 shares have advanced, 1463 shares declined, and 68 shares are unchanged.The BSE Small Cap Index closed at 7,088.15 down 39.11 points or 0.55%. The BSE Midcap Index ended at 5,785.28 down 36.17 points or 0.62%. The BSE FMCG Index lost 0.9% at 1,866.03. United Spirits, ITC, Nirma, HLL, Nestle closed in red.
After touching a low of 14,013 levels in opening moves, the benchmark index managed to stage a smart recovery in the noon deals and is trading at 14,290 levels.In the broader markets, the Nifty gained 1.2 % or 48 points. It is hovering at 4,107 levels.
Indian shares opened sharply lower on the second trading session of the week following heavy selling by foreign institutional investors in derivative segment on 12 February. But bourses gained ground soon afterwards and at 10:47 a.m., the benchmark BSE-30 index was up 57.54 points or 0.41% at 14,248.24 and the broader Nifty was gaining 25.55 points or 0.63% to 4,083.85.
In the BSE, stocks that gained included Dr. Reddy 1.94%, Bajaj Auto 4.63%, Bharti Airtel 2.00%, BHEL 1.57% and ONGC 1.08%. Among major losers, HLL plummeted 1.38%, Ambuja Cement plunged 1.25%, ITC lost 1.20%, HDFC Bank 1.08% and ACC gave away 0.87%.
Major gainers in the NSE were Zee Entertainment 5.59%, Suzlon Energy 4.99%, Bajaj Auto 4.29%, Bharti Airtel 2.59% and ONGC 2.13%. Top losers included Jet Airways 1.85%, VSNL 1.68%, HDFC Bank 1.46%, ITC 1.45% and Cipla 1.35%.
VSNL fell on reports that the board of directors of Tata Sons decided not to exercise its call option to buy out the central government’s 26% residual stake in international telephony firm VSNL. Hindalco declined extending Monday’s sharp fall as investors were worried that the company will not reap the benefits from the $5.9 billion Novelis deal. HCL Tech sliped after it set March 16, 2007 as record date for a 1:1 bonus issue.
Bajaj Auto, Reliance Energy, Bharti Airtel and ONGC are the top gainers in the BSE 30 pack. However, ITC, Hindalco and Cipla lost ground.Among the NSE 50, Zee Entertainment, Bajaj Auto and Suzlon Energy gained ground, while Jet Airways is one of the top losers.
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First Published: Tue, Feb 13 2007. 04 59 PM IST
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