The key benchmark indices ended lower as investors resorted to profit booking due to lack of positive triggers in the market. Selling pressure was seen in mid-caps and small-caps counters with their barometers underperforming the Sensex.
Realty and power stocks were the worst hit, whereas FMCG and metal stocks were on the positive side. IT pivotals recovered at the fag end of the session after rupee slipped to eight-month low against the dollar.
European markets, which were mostly positive in early trade, slipped later led by Swiss bank UBS after it unveiled big job cuts. Key indices in Germany, France and UK were down 0.16% to 0.42%. UBS said it will slash 5,500 jobs or almost 7% of its workforce, and has a preliminary deal with US asset manager BlackRock Inc to sell a $15 billion portfolio of subprime mortgages. It also reported a sharp slowdown in new money entrusted to it by wealthy clients.
In contrast, most of the Asian markets recovered after trading negative in early trades. Key indices in Singapore, South Korea, Hong Kong and Taiwan were up 0.23% to 0.58%. However, China's Shanghai Composite was down 0.73%. Japanese markets are closed today on account of holiday.
As per provisional closing, the 30-share BSE Sensex fell 103.70 points or 0.59% at 17,387.20. The index lost 253.22 points at day’s low of 17,237.68, hit in mid-afternoon trade. Sensex gained 11.25 points at day’s high of 17,502.15, hit at the onset of trading session.
The broader based S&P CNX Nifty fell 38.9 points or 0.75% at 5153.35.
The market breadth was negative on BSE with 984 shares advancing as compared to 1699 stocks that declined. 69 stocks remained unchanged.
The BSE Mid-Cap index fell 0.83% to 7,238.80 and BSE Small-Cap index fell 0.91% to 8,764.48. Both the indices underperformed the Sensex.
BSE clocked a turnover of Rs 6691 crore as against Rs 6,393.68 on Monday, 5 May 2008.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 0.53% at Rs 2651.50.
India’s top listed cellular service provider by market share Bharti Airtel slipped 5.35% to Rs 846. Bharti Airtel has reportedly bid for 51% of South African telecommunications group MTN. According to reports, Bharti had tabled a bid for MTN at 165 rand per share and had secured $12 billion from banks to finance the deal, which would make Bharti a top player in emerging markets telecoms.
Top Sensex gainers were, ITC (up 1.97% at Rs 225.05), TCS (up 1.45% at Rs 938), Tata Steel (up 1.66% at Rs 815.90), Satyam Computer (up 2.36% at Rs 499), Wipro (up 1.53% at Rs 497.60), Infosys Technologies (up 1.44% at Rs 1810) and HDFC Bank (up 0.66% at Rs 1539.30).
Top Sensex losers were, Reliance Infrastructure (down 5.07% at Rs 1440), DLF (4.69% at Rs 672), Jaiprakash Associates (down 4.90% at Rs 272.60), Mahindra & Mahindra (down 1.55% at Rs 667), Maruti Suzuki (down 1.96% at Rs 769.05) and Larsen & Toubro (down 2.30% at Rs 3061.10).
Oil refiner Cairn India rose 2.14% to Rs 260.30 after the Goldman Sachs Group Inc raised its estimate on the stocks by 14% to Rs 325 a share.
PVC pipes maker Finolex Industries soared 6.59% to Rs 76.85 on repors the firm has decided to sell off its plot at Chinchwad near Pune. It is close to signing a deal with a US-based developer to sell the land for between Rs 350 crore and Rs 400 crore.
Dairy products maker Anik Industries was locked at upper limit of 5% to Rs 57.75 after posting 76.4% surge in net profit to Rs 8.96 crore on 58.1% increase in total income to Rs 333.27 crore in Q4 March 2008 over Q4 March 2007.
State-run lender UCO Bank jumped 1.69% to Rs 51.05 on reports the bank would raise Rs 325 crore through an equity issue in June 2008, and convert government equity worth Rs 300 crore into preference shares. The stock touched a high of Rs 54.20 earlier in the session.
Civil construction firm Patel Engineering rose 2.22% to Rs 609 after its unit's joint venture in the United States received a dam reconstruction contract worth $280 million. The stock had earlier touched a high of Rs 632.
Textiles manufacturer Mohit Industries spurted 10% to Rs 24 after posting 180.13% surge in net profit to Rs 0.42 crore on 1.93% fall in total income to Rs 29.71 crore in Q4 March 2008 over Q4 March 2007.
Steel maker JSW Steel fell 2.08% to Rs 880 on reports the firm will moderate any price hike this year and raise capacity to offset pressure on margins.
Polyester filament yarn maker Century Enka plunged 5.30% to Rs 121.50 after the company reported net loss of Rs 0.89 crore in Q4 March 2008 as compared to net profit of Rs 1.38 crore in Q4 March 2007. Total income rose 31.50% to Rs 326 crore in Q4 March 2008 over Q4 March 2007.
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