Search Now

Recommendations

Monday, February 02, 2009

Sensex below 9100


Sensex had witnessed a pullback on Friday and surged around 188 points on strong buying support. However, the bears hit back strongly and triggered a major sell-off in the market during intra-day trades. Tracking the subdued Asian markets, Sensex began the session marginally lower than its previous close, but slipped sharply on sustained selling in frontline stocks and continued moving southwards. After plunging below 9,100-mark to touch the day's low of 9,049, the market moved in a range with a negative bias. The market witnessed panic selling towards the close and Sensex ended the session with a loss of 358 points at 9,067 whereas Nifty shed 108 points and closed at 2,767.



All sectoral indices had a weak outing. BSE Realty was the major loser with down 10.32% followed BSE Metal and BSE Bankex dropped over 5% each, while BSE CD, BSE Power, BSE Oil & Gas, BSE Teck, BSE CG, BSE PSU and BSE IT were down over 2-4% each.



Market breadth was extremely negative, Of the 2,526 stocks traded on the BSE, 1,570 stocks declined, 871 stocks advanced and 85 stocks ended unchanged. All the 30 Sensex stocks posted losses for the day. JP Associates was the major loser, tumbling by 14.30% at Rs,65.35. DLF at Rs152.95, Reliance Infrastructure at Rs517, HDFC at Rs1410, ICICI Bank at Rs384, Reliance Communications at Rs157.70 slumped over 7-13% each. Among other major losers Tata Steel dropped 6.99% at Rs171.75, Hindalco Industries lost 6.63% at Rs45.80, Ranbaxy Laboratories fell 5.38% at Rs204.10 and Wipro declined by 5.13% at Rs219.25.



Strong buying was evident in several mid-cap stocks. Veer Energy at Rs138 and SJ Corporation at Rs598.65 hit the new high.


Over 3.43 crore shares of Satyam Computer Services changed hands on BSE followed by Cals Refineries (3.33 crore shares), Spice Tele (2.59 crore shares), Unitech (1.78 crore shares) and Reliance Natural Resources (1.02 crore shares).