Market ends volatile session with a loss

Lack of investor participation ahead of inflation data kept the market under pressure today. Indices witnessed major volatility throughout the session. Realty shares were the worst performers, while software and healthcare pivotals bucked weak trend.

European markets, which opened after Indian markets, were mostly in red. Key indices in France and Germany were down by 0.83% to 1.20%. However, UK’s FTSE 100 was up 0.38%. Asian markets were negative with key indices in Hong Kong, Japan, Singapore, South Korea and Taiwan trading down by 0.03% to 2.62%. However, China’s Shanghai Composite index was up 0.03%.

As per provisional closing, the BSE 30-share Sensex was down 132 points or 0.88% to 14,917.86. The index shed 283.85 points at the day's low of 14,766.01, hit in mid-morning. It lost 55.71 points at the day’s high of 14,994.15 points, hit in afternoon.

The S&P CNX Nifty was down 50.30 points or 1.12% to 4453.70.

The BSE Mid-Cap index was down 0.14% at 5,828.56 and the BSE Small-Cap index was up 0.08% at 6,976.89.

The market breadth was positive. On BSE, 1339 shares advanced as compared to 1254 that declined. 91 shares remained unchanged.

Top Sensex gainers were, Maruti Suzuki (up 2.49% at Rs 681), Hindalco Industries (up 2.35% at Rs 126.55), State Bank of India (up 1.65% at Rs 1546.40), Tata Power Company (up 1.51% at Rs 1086.05), and Grasim Industries (up 1.38% at Rs 2030).

Top Sensex losers were, Sterlite Industries (down 3.39% at Rs 615), ONGC (down2.97% at Rs 1068.85), ITC (down 2.62% at Rs 189.25), HDFC Bank (down 2.80% at Rs 1303.90), and Reliance Infrastructure (down 2.32% at Rs 1017.55).

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) fell 2.75% at Rs 2152.65. RIL stock accounts for a highest weightage of 15.21% on the Sensex.

India's largest private sector bank by market capitalisation ICICI Bank rose 0.69% at Rs 718.25. ICICI Bank stock accounts for third highest weightage of 7.50% on the Sensex.

India's second largest software exporter by sales Infosys Technologies rose 0.80% at Rs 1789.55. Infosys Technologies stock accounts for second highest weightage of 8.16% on the Sensex.

UCO Bank soared 4.56% to Rs 42.40 on BSE, on reports the bank plans to raise about Rs 600 crore from follow on public offer (FPO) in the September-December quarter of the current fiscal.

Textile firm Bombay Dyeing & Manufacturing Company gained 2.97% to Rs 581.35 on reports the company may rake in Rs 900 crore by next year by selling a small part of the 8 lakh square feet commercial property it is developing in Central Mumbai.

Construction firm PBA Infrastructure jumped 3.21% to Rs 67.60 after the company secured a contract worth Rs 122.04 crore from Pimpri Municipal Corporation, Pimpri in the state of Maharashtra for laying roads.

Auto parts maker Sona Koyo Steering Systems surged 20% to Rs 17.80 on reports the company plans to diversify into aerospace and windmill technology.

Oil prices hovered around $109 a barrel today, 4 September 2008 as traders weighed concerns over slowing demand from major consumer countries against further hurricane threats to the US oil sector.