By IANS
Mumbai : Indian shares closed weak Thursday with a benchmark index taking a knock of 1.36 percent after volatile swings during intra-day trade – a day after it registered the highest rise in four months.
Index heavyweights and bank and technology stocks fared poorly, taking a cue from weakening European markets.
The 30-share Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) swung in the 15,062-15,542 range before closing at 15,100.15, down 207.83 points or 1.36 percent in a volatile session as profit booking wiped out all gains made in early sessions.
Twenty of the Sensex components traded in the red.
The broader 50-issue National Stock Exchange (NSE) index, Nifty, closed 48.90 points or 1.32 percent lower at 4,403.20 after it came off a high of 4,530.05 and touched a low of 4,390.80 in early sessions.
“The selling came in the latter half of the trading with panicking investors dumping top-of-the-line stocks,” said an analyst with a brokerage house here.
However, market watchers are not too perturbed by the panic selling.
“Investors should be prepared for more volatility. It’s times like this, when there is panic, we usually see blue-chips come down,” said the analyst.
Aluminium producer Hindalco led the pull-down in the Sensex, down 3.61 percent at Rs.156.00. It was followed by top public sector lender State Bank of India, down 3.30 percent at Rs.1,649.60 and power major Reliance Energy, down 3.22 percent at Rs.757.90.
Drug major Ranbaxy Laboratories, fourth largest software exporter Satyam Computer, housing finance firm HDFC, top energy explorer ONGC, cement major Associated Cements, textile producer Grasim Industries and hospitality and tobacco major ITC were among the other major index losers.
Pharma major Dr. Reddy’s Laboratories led the major gainers, up 1.23 percent at Rs.638.00, followed by heavy electrical equipment maker BHEL, up 1.21 percent at Rs.1,733.05 and drug maker Cipla, up 0.91 percent at Rs.188.00.
Top private sector lender ICICI Bank, second largest software exporter Wipro, top multi-utility vehicle maker Tata Motors and top steel maker Tata Steel were the only other Sensex stocks that traded in the green.