Correction continues, Sensex down 70 points

It was again a day filled with high volatility wherein the market in intra-day's trade swung sharply by close to 300 points.While the market continued its losing streak and corrected marginally on the back of weak global cues and selling pressure in consumer durables, banking and public sector unit (PSU) stocks that lost over 1% each. The day started with the weak overnight US and European closing, while in today's trading, all the major Asian indices closed in red except for the Shanghai Composite that was marginally up. Even the European indices opened in negative and at the time of writing this report, it was trading with loss in the close to 1.70% each, while FTSE 100 is traded at 5108 with 93 points or about 1.80% loss.

The Sensex that opened gap-down at 16336 points, marginally lower by 17 points to its previous close. However, volatility gripped the market and it resulted in the Sensex recording a low of 16144 and a high of 16441 and at last closed by 0.43% lower at 16283. The Sensex once entered the positive zone owing to buying in the heavyweights, however owing to negative cues from the European markets resulted in the sliding of the Sensex from its day's high. Nifty lost 20 points to the end the day at 4826. The market breadth was negative as out of 2,757 stocks traded on the BSE, 1,059 stocks advanced, whereas 1,627 stocks declined. Seventy-one stocks closed unchanged.

Among the sectoral indices, BSE Realty gained the most and surged by 0.88%, followed by BSE TECk rose by 0.73%. BSE CD fell the most by 1.79% and was followed by BSE Bankex that slid by 1.50%. On the stocks’ front, Jet Airways jumped the most and surged by 8.80% to Rs398.00, followed by Balrampur Chini Mills that rose by 7.88% to Rs154.70 and PTC India that advanced 7.86% to Rs105.00. KSK Energy, Sesa Goa, Nagarjuna Construction Company and Crompton Greaves ended the day 6-7.5% higher. Among the losers, Everest Kanto fell the most by 15.90% to Rs153.15 followed by Lupin that fell by 6.29% to Rs1,172.20 and Educomp Solutions that lost 5.05% to quote at Rs876.45. Rolta India, Maruti Suzuki, and BEML declined above 4% each.

On the turnover front, Over 2.09 crore shares of Unitech changed hands on the BSE followed by Ispat Industries (1.13 crore shares), Suzlon Energy (0.71 crore shares), IFCI (0.61 crore shares) and Balrampur Chini Mills (0.56 crore shares).

Events outcome: Q2FY2010 earnings

Marico's top line surged by 14.7% in the quarter.

In the quarter under review, Tata Tea’s operating profit grew by 16.2%.

Sun Pharmaceutical Industries’ revenue went up by 50.5% sequentially in Q2FY2010.

India Cements’ bottom line declined by 10.9% in Q2FY2010.

Orbit Corporation’s net income rose by 81.7% in the quarter under review.
Shriram Transport Finance’s Q2 net rises by 25.26% in Q2.

HCL Technologies’ Q1 revenues grew by 4.2% sequentially.

ACC net profit rises 53.70% in the September 2009 quarter.

Jain Irrigation's net profit up 73.71% in Q2.