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Tuesday tumble on the street

This article was posted on May 26, 2009 and is filed under Market News

Sensex slipped 324 points or 2.3% to close at 13,589 Nifty fell 130 points or 3% to shut shop at 4,107.

Indian markets ended with sharp losses on Tuesday as traders and investors preferred to book profits at higher levels ahead of F&O expiry. Selling was seen all over the bourses as even the Mid-Cap and the Small-Cap stocks witnessed offloading.

Barring the IT index all the other sectors ended with losses. The interest rate sensitives were among the major losers.

Cues from the Asian an the European markets were also not that encouraging, In Asia, the Nikkei and the Hang Seng index were down by over 0.5% each and in Europe the FTSE and the CAC were down by 1.5% each.

Finally, the Sensex slipped 324 points or 2.3% to close at 13,589 after touching a high of 13,991 and a low of 13,518. The index had opened at 13,929 against the previous close of 13,913.

The NSE Nifty fell 130 points or 3% to shut shop at 4,107.

Among the BSE Sectoral indices BSE Realty index was the top loser. The index lost 4%, followed by the BSE Capital Goods index down 3.2%, BSE Power index down 3.1%, BSE Consumer Durable index down 3.1% and BSE Oil & Gas index down 2.7%. Bucking the negative rend was the BSE IT index up 0.5%.

In the Sensex, RCom, Ranbaxy, Tata Motors, NTPC, Bharti, ICICI Bank, DLF, JP Associates, L&T and ONGC ended in the red today. However, among the major gainers were Infosys, Hindalco, Wipro and Sterlite.

Outside the frontline indices, the top losers included Tulip Telecom, HDIL, RCom, Titan, Tech Mahindra, Jet Airways, IFCI, Biocon and Power Grid.

Among the big gainers in the broader market were Spice Tele, REI Agro, LIC Housing, Jai Corp, NMDC, Godrej Consumer and Videocon Industries.

Shares of Bharti Airtel dropped by over 5% to Rs770. Reports stated that the company has reopened discussions to acquire a 49% stake in South Africa’s MTN for over US$23bn in a cash-cum-stock swap.

The deal will need the approval of the foreign investment promotion board, in the absence of a policy on share swaps.

The scrip touched an intra-day high of Rs858 and a low of Rs760 and recorded volumes of over 1.8mn shares on BSE.

Shares of L&T declined by over 4% to Rs1254 after reports stated that the Uttarakhand government asked the company to stop work on its 99MW Singoli-Bhatwari hydel project in the hilly Rudraprayag district of the state. The scrip touched an intra-day high of Rs1322 and a low of Rs1245 and recorded volumes of over 0.5mn shares on BSE.

Shares of Dolphin Offshore gained by 1% to Rs291 after hitting an intra-day high of Rs314 and a low of Rs290 and recorded volumes of over 32,000 shares on BSE.

With reference to news item appearing in leading financial daily titled “Dolphin Offshore inks JV with US co”, Dolphin Offshore has clarified that the information is strictly not correct.

“Dolphin Offshore had hosted a Seminar on “Man & Machine – Underwater Safety, Sustainability and Advances in Underwater Technology” on May 13, 2009, which was attended by the people in the industry and from the Press. Deep Marine Technology Officials had indicated their desire to set up a joint venture with the Company during the course of the Seminar.

These discussions are still in the preliminary Stage. As a matter of the policy, the Company does not comment on the rumours or unsubstantiated reports.”

Unitech announced that it aims to reduce debt-equity ratio this year to 1-0.7 and plans to sell stakes in projects to private equity firms. Shares of Unitech slipped by 5.5% to Rs73 after hitting an intra-day high of Rs79.5 and a low of Rs71.3 and recorded volumes of over 2.2mn shares on BSE.

source: Indiainfoline

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