By IANS
Mumbai : Indian shares witnessed volatility Thursday, the benchmark index ending its 11-day winning run and settling 0.39 percent lower, led by losses by banking and housing finance stocks in intra-day trading.
Index heavyweights, however, led the slight recovery in late advances as rupee rose to its strongest level against the dollar in over nine years while dealers bought local stocks in anticipation of strong overseas investments.
The 30-share sensitive index of the Bombay Stock Exchange (BSE), Sensex, closed 69.9 points or 0.39 percent lower to settle at 17.777.14 level.
While the partially convertible rupee was up 0.4 percent at 39.42 per dollar, its strongest mark since March 1998 above Wednesday close of 39.575/585, the Sensex moved in a broad range of 17,494-17,890 levels in intra-day deals. It hit a life high of 17,953.07 points Wednesday.
Twenty-four of its components traded in the positive.
The broader 50-issue National Stock Exchange (NSE) index, Nifty, closed the day flat, down 2.15 points at 5,208.65.
The recovery was led by state-run NTPC Ltd, up 4.33 percent at Rs.226.40. Following was top steel producer Tata Steel, up 2.94 percent at Rs.864.75, and drug major Cipla, up 2.19 percent at Rs.189.05.
Top carmaker Maruti Udyog, private sector energy producer Reliance Energy, cement major Ambuja Cements, top two and three wheeler maker Bajaj Auto, fast moving consumer goods maker Hindustan Unilever, India’s most valuable company Reliance Industries, top multi-utility vehicle maker Tata Motors were among the other major stocks that traded in the positive.
ONGC led the stocks that weighed down the index, down 3.77 percent at Rs.985.95, followed by HDFC, down 3.65 percent at Rs.2,499.50 and top private sector lender ICICI Bank, down 2.45 percent at Rs.1,061.35.
Second largest software exporter Wipro, top aluminium maker Hindalco , multi-utility vehicle maker Mahindra & Mahindra, textile major Grasim Industries, hospitality and tobacco major ITC Ltd, second largest private sector lender HDFC Bank and private sector telecom service provider Reliance Communications continued to weigh down the index.