Sensex ends down by 86.53 pts

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Mumbai, Nov 16:The Bombay Stock Exchange (BSE) sensitive index today came down by another 86.53 points to close at 19,698.36 on bouts of alternative selling and buying in a volatile market.

The benchmark Sensex opened about 180 points lower at 19,603.09 as compared to previous close of 19,784.89 on profit bookings by major stocks. It swung between losses and gains throughout the day to touch day's low of 19,472.57 and a day's high of 19,838.03 before closing in the red, brokers said.

However, the broader based National Stock Exchange index Nifty today closed marginally lower by 6 points at 5,906.8 as compared to previous close of 5,912.10. Nifty opened marginally up at 5,913.15 during early trade. It touched a low of 5,817.40 and high of 5,948.05 during the day's trade.

The market ended in red for the second consecutive day today, extending on worries over credit loss from US mortgage defaults and slump in US home prices that would grow worse, brokers opined.

The market breadth was strong. 18 out of 30 stocks from the Sensex pack ended in the red. BSE clocked a turnover of Rs 8854 crore compared to Rs 9,268.18 crore a day before. BSE Mid-Cap index rose 1.17 pc to 8,512.38 , while the BSE Small-Cap index rose 1.50 pc at 10,380.73.

On the BSE sectorial index, Banking and power stocks ended in negative zone, while Oil and gas and consumer durables stocks closed up by 1.33 pc and 2.61. IT stocks recovered from day's lows. Hindalco Industries and Larsen&Toubro declined sharply in late trade.

Dealers maintained that the market has been volatile in recent sessions, caught between jitters about the US housing problems and optimism about India's economic outlook. Leading cigarette maker ITC rose 8.36 pc to Rs 205.50. The stock has been rising ever since Citigroup came out with a buy rating on the stock recently, with a target price of Rs 215.

IT stocks today recovered after initial decline. Satyam Computers rose 0.27pc to Rs 430, TCS moved up 0.62pc to Rs 985 and Wipro gained one per cent to close at Rs 461.

The BSE Bankex closed low 0.43 pc to 11,005.72. ICICI Bank fell 2.27pc to Rs 1220, off session's low of Rs 1201.25. India's largest lender State bank of India (SBI) moved up 1.17pc to Rs 2335, off session's low of Rs 2270. The SBI stock recovered on hopes the government would soon approve its right issue.

Bharti Airtel moved up 1.32pc to Rs 912 on reports that the company is not concerned about a drop in minutes of usage seen in the fiscal second quarter as new costumer additions are picking up well.

Hindalco Industries declined 5.42 pc to Rs 204, Larsen&Toubro fell 2.76pc to Rs 4381, Reliance Communications fell 2.28pc to Rs 708 and Reliance Energy was down 2 pc to Rs 1817.

UNI

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