Market continues its downslide


Mumbai : The Indian equities market closed the first day of the week with a deep cut on back of heavy selling pressure in capital goods, realty and banking stocks.

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Fearing tighter monetary policy by the Reserve Bank of India after the rise in inflation, investors continued their selling spree across various sectors.

Except IT, all sectoral indices ended the day deep in red.

The market started on a weak note and continued to trade with a loss till afternoon but at one point Sensex barometer went down by more than 400 points. It, however, recovered some points by the end of the session.

The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex) opened at 14,423.05 points, touched a low 14,163.45 before closing at 14,293.32 points. It went down by 277.97 points or 1.91 percent at the day’s close.

The National Stock Exchange (NSE) S & P Nifty, which opened at 4351.15 points, closed at 4266.40 points. It went down by 81.15 points or 1.87 percent.

The BSE Midcap index, which closed at 5,815.23 points, went down by 217.20 points or 3.60 percent.

BSE Smallcap index which closed at 7,136.30 points went down by 261.36 points or 3.53 percent.

The market breadth was negative with extremely low volumes. On the BSE, 425 shares advanced, 2,222 declined and 50 maintained status quo.

The only gainers of the day were ONGC at Rs.887.30 went up by 2.36 percent, HDFC at Rs.2214.80 gained 1.42 percent, and Wipro at Rs.479.55 up by 1.14 percent.

The top losers of the day included Jaiprakash Associate at Rs.153.35 down by 7.95 percent, Hindalco at Rs.148.40 lost 7.83 percent, Larsen and Toubro at Rs.2396.30 went down by 6.53 percent.