Mumbai, Nov 22: The Sensex continued to slide on the Bombay Stock Exchange, down by another 76.30 points today, to close at 18,525.32 on lack of fresh speculative demand from Foreign Institutional investors (FII's) and local investors.
The market bounced back in late trade as banking and auto stocks jumped up. State Bank of India surged and Reliance Industries came off the lower level even as Realty, capital goods, power stocks declined.
The market breadth was weak. BSE Mid Cap and Small Cap indices underperformed the Sensex. Asian markets were mixed, while European markets were in the red.
European markets slipped in red after a strong opening. France's CAC 40 was down by 0.06 pc to 5,377.89, followed by Germany's DAX by 0.07 pc to 7,512.99 and UK's FTSE 100 slid by 0.09 pc to 6,065.20. .
China's Shanghai Composite index lost by 4.41 pc at 4,984.16.
Other Asian markets were mixed. Japan's Nikkei was up by 0.34 pc at 14,888.78, and Taiwan Weighted rose by 0.18 pc at 8,499.37. However, South Korea's Seoul Composite was down by 0.44 pc at 1,799.02 and Singapore's Straits Times eased by 1.03 pc at 3,312.88 and Hong Kong's Hang Seng eased by 2.3 pc at 26,004.92.
US stocks fell to the lowest in three-months on Wednesday following growing uneasiness over the economic outlook and weakening credit markets. The Dow Jones industrial Average ended the day with a loss of 211 points at 12,799. The Nasdaq Composite index slipped by 34 points at 2,562. S&P 500 lost by 22.9 points at 1,416, which led to a downward trend in Indian bources, brokers pointed out.
Crude oil traded near USD 97 a barrel in New York after falling from a record yesterday amid signs of slowing down in demand growth in the US, the world's largest energy consumer. Crude oil for January delivery was at USD 97.44 a barrel, up 15 cents, in after-hours electronic trading on the New York Mercantile Exchange in Singapore.
The Sensex opened high at 18,724.11. Later, it hit a low of 18,182.83 in afternoon trade. At day's low of 18,182.83, Sensex had lost 419.79 points from it's last close. Sensex had surged to a high of 18,744.55 at the onset of trading session. At day's high of 18,744.55, Sensex gained 141.93 points.
The S&P CNX Nifty index of NSE also closed low by 42 points or 0.75 pc at 5,519.35, before it resumed high at 5564.65 points from it's last close of 5561.05. The Nifty recorded a low at 5394.35 and a high at 5608.65 points during the day trade.
The BSE Mid-Cap index declined by 0.9 pc to 8,143.88 and the BSE Small-Cap index was down by 1.51 pc to 10,110.53. Both these indices underperformed the Sensex.
BSE clocked a turnover of Rs 6976 crore compared to yesterday's Rs 7,952.29 crore, brokers added.
Realty stocks were major losers. Unitech was down by 7.64 pc to Rs 331.90, DLF eased by 5.49 pc to Rs 822.75, Indiabulls Real Estate came down by 2.02 pc to Rs 602.85. Capital goods stocks declined. Larsen&Toubro dropped by 4.06 pc to Rs 3,941.90, Suzlon Energy eased by 2.51 pc to Rs 1,857.20.
India's biggest power equipment maker in terms of revenue Bharat Heavy Electricals declined by 0.04 pc to Rs 2,485.10. It recovered from session' low of Rs 2,380. It said today that it had received a contract worth Rs 2108 crore (USD 535 million) for steam generators and steam turbines in Jharkhand.
Power stocks declined. Tata Power Company eased by 1.23 pc to Rs 1,145, Reliance Energy slipped by 5.18 pc to Rs 1,605.10 and NTPC dropped by 4.99 to Rs 227.55.
Ranbaxy Laboratories, India's largest drug maker by sales, declined by 0.4 pc to Rs 397. The company recently said it had approval from Canadian authorities to manufacture and market tamsulosin hydrochloride capsules. Meanwhile, as per reports Ranbaxy Laboratories has reached an out-of-court settlement to market the generic copy of an innovator drug worth over $1 billion in the US.
Index heavyweight and India's largest private sector firm by market capitalisation, Reliance Industries gained by 1.07 pc to Rs 2,751, off session's low of Rs 2,666.80.
Banking stocks surged in late trade. State Bank of India was up by 4.43 pc to Rs 2,250), ICICI Bank rose by 3.33 pc to Rs 1,139.80 and HDFC Bank hiked by 1.07 pc to Rs 1,600.
Auto stocks also gained. Maruti Suzuki India was up by 3.04 pc to Rs 980 followed by Bajaj Auto by 1.98 pc to Rs 2,470.10, Tata Motors by 1.24 pc to Rs 695, Mahindra&Mahindra by 0.69 pc to Rs 712 edged higher. India's second largest cement producer by sales ACC rose by 2.21 pc to Rs 1,103.30. India's largest oil exploration firm by sales ONGC declined by 3.61 pc to Rs 1,149.55.