After trading in a narrow range this afternoon, the market declined in late trading as US stock futures indicated lower opening on the Wall Street on Monday. Dow futures was down 105 points and S&P 500 futures 6.80 points down, which affected the downward trend in the Indian bourses.
Realty stocks were the star performers of the session. Consumer durables and IT stocks were worst hit. Small-cap and mid-cap counters were active throughout the session with their barometer indices outperforming the Sensex. European markets, which opened after Indian market, were mixed.
France's CAC 40 was down 0.29 per cent whereas Germany's DAX was up 0.02 per cent. The stock market in UK was closed for a holiday.
Asian markets, which opened before Indian market, were mostly in green. Key indices in China, and Singapore were up 0.37 per cent to 1.84 per cent (pc). However, Taiwan's Taiwan Weighted Index was down 1.41 pc and Hong Kong's Hang Seng was down 0.22 pc. Markets in Japan, and South Korea were closed for a holiday.
Finally, the 30-share BSE Sensex fell 109.22 points or 0.6 2 pc at 17490.90. Sensex gained 135.58 points at day's high of 17,735.70, hit in early afternoon trade. The index lost 142.85 points at day's low of 17,457.27, hit in late trade.
The broader based S&P CNX Nifty index of NSE was also quoted below 5200 mark and it ended negative at 5192.25 points, 35.95 points down or 0.69 pc at 5192.25 from its last close of 5228.20. However, it resumed flat 5227.25 and recorded the day's high at 5254.50 and a low at 5182.60 points.
The market breadth was strong on BSE with 2090 shares advancing as compared to 664 stocks that declined. 18 stocks remained unchanged.
The BSE indices showed a mixed trend as BSE CD index declined by 109.29 points and closed at low of 4467.56 followed by AUTO index by 49.02 to 4812.13 points, IT index by 41.02 to 4317.34, CG index by 34.84 to 14,210.03, TECH index by 25.09 to 3482.01 points, POWER index by 14.38 to 3388.61 points and BANKEX index by 11.57.
However, leading BSE Indices looked up as Mid-Cap index rose 61.79 points to 7,299.26, followed by PSU index by 25.39 points to 8198.40 points, METAL index by 23.83 to 15,887.00, Small-Cap index by 23.64 points to 8,845.35 and REALTY index by 22.70 to 8741.39 points. BSE clocked a turnover of Rs 6350 crore as against Rs 6,606.18 on May 2, brokers added.
India's largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 0.48 per cent to Rs 2,662. India's largest engineering and construction firm by revenue Larsen&Toubro fell 0.51 pc to Rs 3125. The stocks had earlier touched a high of Rs 3262. The firm is reportedly set to revamp its corporate structure to create a dozen operating companies under the direction of a separate board of directors, effective July 1, 2008.
The move will lead to L&T becoming the umbrella organisation with a board to administer the performance of all businesses and ownership of the brand, pegged at around USD 2 billion.
Similarly, heavyweight stocks drifted lower on profit booking as top Sensex losers were Wipro, down 2.42 pc at Rs 490.05, Housing Development Finance Corporation eased 2.37 pc at Rs 2,708.80, DLF declined 2.15 pc at Rs 704.65, TCS droPped 1.57 pc at Rs 925.95 and NTPC came down 1.57 pc at Rs 197.55.
State Bank of India declined 2.36 pc to Rs 1781.90. The bank reported 26.1 pc rise in net profit to Rs 1883.25 crore on 26.7 pc growth in operating income to Rs 16393.93 crore in Q4 March 2008 over Q4 March 2007.
Tata Motors fell 0.72 pc to Rs 685.50 after the company reported 5.8 pc fall in total automobile sales to 38,149 units in April 2008 over April 2007 largely on account of dip in passenger car segment and exports.
Real estate developer Housing Development and Infrastructure fell 1.60 pc to Rs 832.50. The company has reportedly received Maharashtra government's approval for the Mumbai airport slum rehabilitation programme.
The top Sensex gainers were Grasim Industries, up 0.70 pc at Rs 2,385.10, ACC gained by 0.58 pc at Rs 757.90, Tata Steel went up 0.45 pc at Rs 800.55, ITC also moved up 0.34 pc at Rs 221.50 and Cipla hiked by 0.14 pc at Rs 213.25. Drug maker Suven Life Sciences surged 2.12 pc to Rs 36.05 after the company said it has received European product patent from European Patent Office for its clinical candidate SUVN-502.
Jewellery maker Surana Corporation was locked at upper limit of 4.97 pc to Rs 47.55 on reporting 371.03 pc surge in net profit to Rs 6.11 crore on 37.44 pc growth in total income to Rs 619.33 crore in Q4 March 2008 over Q4 March 2007. Telecom service provider Spice Communications gained 5.65 pc to Rs 42.15 on reports Telekom Malaysia is looking at increasing its stake in the company to at least 51 pc through a combination of open offer and acquisition of shares the co-promoters.
Another pointer to the fact that the long term India growth story remains intact is the outcome of the latest 2008 US-India Business Council (USIBC) survey, according to which, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable, brokers added.