Heavy offloading; Sensex dips by 395 pts

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Mumbai, Oct 12: Taking a cue from the weakness in global markets, the Bombay Stock Exchange (BSE) sensitive index today dipped by 395 points, after a three-day upward rally, to close at 18419.04 as against yesterday's close of 18,814.07 due to heavy offloading in the market.

The market today started marginally lower by 19 points at 18,795 and, after moving south for some time, the index rebounded into positive zone and touched a fresh all-time intra-day high of 18,845.

However, in the later sessions, it slid again and closed 2.1 per cent lower, after having gained 1,323 points in the last three trading days, dealers said.

Nifty index of National Stock Exchange (NSE) also fell by 96.60 points, a dip of 1.75 per cent, at 5428.25 as against the previous close of 5524.85.
''The market made a sharp recovery in mid-afternoon but the recovery proved to be short-lived and the market weakened during the late sessions,'' a market analyst said.

According to the dealers, Reliance Industries declined sharply today. Most of the sectoral indices slipped into the red. European and Asian markets were also weak.

BSE registered a low turnover of Rs 9320 crore as compared to the previous day's turnover of Rs 10,603.46 crore.

The BSE Mid Cap index declined 0.66 pc to 7540.40 and BSE Small Cap index was down 0.06 pc to 9,114.80. Both these indices outperformed the market.

Only metal index edged higher today, while rest of the sectoral indices on BSE were subdued. Capital goods, banking and real estate stocks declined sharply and the market breadth was weak. Among the 30 shares of the Sensex, five moved up, while the remaining traded down.

Capital goods stocks declined sharply in late trade. The L&T scrip was down 4.49 pc at Rs 3,327.80, followed by Bhel down 3.77 pc at Rs 2,330 and Suzlon Energy was down 4.33 pc at Rs 1701.05.

Realty stocks witnessed heavy selling today. The DLF scrip came down 5.84 pc at Rs 865.95, Indiabulls Real Estate was down 3.45 pc at Rs 630.80 and Unitech was down 0.55 pc at Rs 340.60.

Banking stocks lost ground as strong IIP data for August 2007 dashed hopes of a near term rate cut by RBI. ICICI Bank was down 3.18 pc at Rs 1,055, State Bank of India was down 4.35 pc at Rs 1,860 and HDFC Bank was down 1.84 pc at Rs 1,429.70.

Auto stocks were also on the decline with Tata Motors down by 3.54 pc at Rs 801, Bajaj Auto down 3.22 pc at Rs 2535.50, and Maruti Suzuki India down 2.02 pc at Rs 1,097.

UNI

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