Nifty ends below 2900 amid volatility; metal tanks 7pc
Mumbai, Jan 9: The benchmark indices continued the downtrend for the second consecutive day and ended sharply lower amid high volatility. Shares of oil exploration, capital goods, metal, telecom, and select power and banking companies witnessed a steep fall. Sell-off was also seen in broader indices. However, shares of major technology, FMCG, oil marketing and select auto companies as well as NTPC remained on the higher side.
The culprit, no wonder, was Satyam again, which saw a sharp cut today as well. The stock touched a new 52-week low of 6.30 on the NSE and lost around 41per cent, to close at Rs 23.75. It traded with volumes of 215,407,478 shares, an increase of 149.28 per cent compared to its five-day average of 86,411,144 shares.
Satyam traded on on the BSE Sensex and NSE Nifty for last time on Friday — it was announced that Satyam would be replaced by Sun Pharma and Reliance Capital respective on the two indices.
The
50-share
NSE
Nifty
went
closer
to
the
2,800
level
and
hit
a
low
of
2810.25
during
the
day.
It
shut
shop
at
2,873,
down
1.62
per
cent
or
47.40
points
from
the
previous
close.
The
30-share
BSE
Sensex
was
down
more
than
300
points
during
the
day
and
touched
a
low
of
9,250.82.
It
was
down
by
180.41
points
or
1.88
per
cent
to
settle
at
9,406.47.
4.26
PM
Sensex
bounces
back
as
realty
recover
Equities
staged
a
strong
come-back
in
the
afternoon
as
traders
covered
short
positions
in
realty
stocks
while
metals
fell
further
and
IT
stocks
bucked
the
trend.
At 2:10 pm, Bombay Stock Exchange"s Sensex was at 9545.94, down 40.94 points or 0.43 per cent. The 30-share index touched a high of 9630.40 and a low of 9250.82.National Stock Exchange"s Nifty was at 2895.65, 2898.70, down 22.90 points or 0.85 per cent. The broader index touched a low of 2810.25 and a high of 2929.85.
BSE
Midcap
Index
was
down
2.49
per
cent
and
BSE
Smallcap
Index
declined
2.76
per
cent.
Amongst
the
sectoral
indices,
BSE
Realty
Index
which
had
fallen
over
20
per
cent
in
intra-day
trade
recovered
from
lows
but
was
1.23
per
cent
down,
BSE
Metal
index
was
fell
5.92
per
cent,
BSE
Capital
Goods
Index
declined
3.83
per
cent.
3.54PM
Nifty
tests
2850;
Realty
index
down
over
20
per
cent
The
markets
are
witnessing
huge
selling
pressure
amid
volatlity,
as
capital
goods,
telecom,
power,
metal,
realty,
select
banking
stocks
as
well
as
RIL,
Satyam
and
Reliance
Petroleum
are
extermely
weak.
Midcap
and
small
cap
indices
lost
over
3.5
per
cent.
However,
buying
is
seen
in
technology
(barring
Satyam)
stocks
as
well
as
ONGC,
HUL,
ITC
and
HDFC.
The Nifty has tested 2850, an important support level. It plummeted 83 points to 2,837 and the Sensex went down 242 points to 9,344, at 11:10 hours IST.
Market breadth is extremely weak; about 625 shares have advanced while 2150 shares declined. Nearly 90 shares are unchanged.
BSE Realty Index plunged over 20 per cent, as DLF lost over 26 per cent and Unitech fell over 14 per cent.
Technology stocks are witnessing buying interest barring Satyam. Infosys and TCS went up 4-5 per cent and Wipro gained 0.6 per cent. However, Satyam tumbled 53 per cent.
Mkts
open
lower;
Satyam
downfall
continues
Equities
opened
with
a
huge
gap-down
Friday
as
wary
investors
after
the
Satyam
Computer
Services
fiasco
unwound
long
positions
and
created
fresh
new
shorts
as
well.
Press
conference
by
the
Satyam"s
new
management
to
clear
air
on
the
company"s
position
didn"t
go
down
well
with
the
market,
as
the
share
plunged
sharply
lower.
Bombay Stock Exchange"s Sensex was at 9434.85, down 152.03 points and National Stock Exchange"s Nifty was at 2857.10, down 63.30 points.
Shares of Satyam Computers plunged to Rs 14.70, down 63.48 per cent. The stock fell to a low of Rs 6.30 in early trade.
10.35 AM
OneIndia News (With inputs from Agencies)