Weak Wednesday in store
Sluggish trading session ended on a weak note led by fall in ONGC, HLL, ABB, L&T and SBI. After trading in a range for major part of the day the key indices lost ground as selling pressure intensified in the later half of the trading session dragging the benchmark BSE index to hit a low of 14230.47. BSE Auto, Banking and PSU index were among the major loser with BSE Auto index losing over 1.50%. Finally, the 30-share benchmark Sensex lost 149 points to close at 14253. NSE Nifty dropped 57 points to close at 4106.
Zee Telefilms, ONGC and SAIL were among the major losers. While; HPCL, Ranbaxy and ITC were among the major gainers.
SBI lost by 2.1% to Rs1107.The banking giant hiked lending and deposit rates. The scrip touched an intra-day high of Rs1144 and a low of Rs1105 and recorded volumes of over 6,00,000 shares on NSE.
Reliance Industries marginally slipped by 0.4% to Rs1414. Reports stated that Chevron is likely to pick up a stake in the company's energy exploration and production business. The scrip touched an intra-day high of Rs1444 and a low of Rs1410 and recorded volumes of over 32,00,000 shares on NSE.
ICSA slipped 1% to Rs1181. The company received orders worth Rs195mn from Chief General Manager, on 100% Turnkey basis. The scrip touched an intra-day high of Rs1200 and a low of Rs1173 and recorded volumes of over 5,000 shares on NSE.
Select Aviation stocks fell on back of profit booking. According to reports FIIs will be allowed to buy shares from the secondary market outside the 49% sectoral cap on FDI. Jet Airways slipped 2.1% to Rs721 and Spice jet came down by 4% to Rs52. However, Air Deccan flew higher by 2.5% to Rs135
Technology stocks were on the receiving end as profit booking dragged them down. Moser Baer slipped 3.8% to Rs348, Mphasis BFL was down 3.3% to Rs292 and Polaris declined 3.2% to Rs215. Among the heavy weights Wipro and Satyam Computer were among the major losers.
FMCG stocks also ended lower on back of profit booking. HLL fell over 2.5% to Rs199, Marico slipped 2.5% to Rs579, Dabur was down 2.3% to Rs102, Colgate lost 1.6% to Rs324 and Tata Tea slipped 1.3% to Rs664.
Auto stocks were in reverse gear. Maruti dropped 2.3% to Rs892, Tata Motors declined 1.6% to Rs856, M&M slipped 1.5% to Rs880 and TVS Motors slipped 1.5% to Rs71.