Mumbai, Jan 21: Across the board heavy selling and formation of new short positions in index heavyweights saw benchmarks end at lowest level of the day.
Power, banks and oil&gas stocks were the worst hit while FMCG stocks ended with marginal gains.
National Stock Exchange"s Nifty slipped below important psychological level of 2700. The index closed at 2692.80, down 103.80 points or 3.71 per cent. It touched an intra-day low of 2690.20 and high of 2787.30.
Bombay Stock Exchange closed at 8736.44, down 364.11 points or 4 per cent. The index touched a low of 8734.93 and a high of 9051.31 in day"s trade.
Nifty choppy; Zee Entertainment, Tata Power drag
Indian equities were rangebound in the negative terrain on Wednesday, Jan 21. Most market participations chose to stay away as new US president. Barrack Obama"s inaugural speech failed to lift sentiments. Traders were now awaiting results of index heavyweight Reliance Industries.
At 2:13 pm, National Stock Exchange"s Nifty was at 2756.55, down 40.05 points or 1.43 per cent. The broader index hit an intra-day high of 2787.30 and low of 2737.35.
ZEE Entertainment (-6.44 per cent), Tata Power (-6.28 per cent), Sterlite Industries (-6.23 per cent), SAIL (-5.27 per cent) and Ranbaxy Laboratories (-4.93 per cent) were the major Nifty losers.
HCL Technologies (5.13 per cent), Hindustan Unilever (3.76 per cent), Ambuja Cement (2.44 per cent), Cipla (2 per cent) and GAIL (1.04 per cent) were the top gainers.
Bombay Stock Exchange"s Sensex was at 8946.86, down 153.69 points or 1.69 per cent. The 30-share index touched an intra-day high of 9051.31 and low of 8886.56.
Sensex drifts lower; Tata Power, Ranbaxy slips
Profit booking in heavyweights pulled benchmarks near day"s low on Wednesday. Metals, banks and power stocks were the worst hit while defensive FMCG stocks bucked the trend. Euorpean markets were likely to extend losses in line with other global markets.
AT 1:10 pm, Bombay Stock Exchange"s Sensex was at 8929.50, down 171.05 points or 1.88 per cent. The 30-share index touched an intra-day high of 9051.31 and low of 8886.56.
National Stock Exchange"s Nifty was at 2748.45, down 48.15 points or 1.72 per cent. The broader index hit an intra-day high of 2787.30 and low of 2737.35.
BSE Midcap Index was down 0.76 per cent and BSE Smallcap Index was down 0.69 per cent.
Amongst sectoral indices, BSE Metal Index was down 2.69 per cent, BSE Bankex slipped 2.61 per cent and BSE Power Index fell 2.29 per cent.
Sensex above 9000; HUL, Ranbaxy up
Equities pared early losses on Wednesday, Jan 21 after traders covered shorts in frontline stocks. Banks, realty and power stocks declined while FMCG stocks buckled the trend. Volumes continued to remain low due to lack of market participation.
“Weakness spread from the UK banks to the US and the Dow closed below the 8000 mark, setting the trend for a lower opening in Asia. Our markets will cut through the 8946 support in the Sensex and the 2701 support in the Nifty in the opening session itself, leaving little for imagination. In the days to come, we expect the October lows to be retested again," said Anagram Stock Broking note.
At 10:30 am, Bombay Stock Exchange"s Sensex was at 9012.97, down 87.58 points or 0.96 per cent. It touched an intra-day high of 9016.55 and low of 8886.56.
National Stock Exchange"s Nifty was at 2753.05, down 43.55 points or 1.56 per cent. The broader index touched a high of 2787.30 and low of 2737.35.
Stocks open gap-down; Wipro drops 5 pc
Indian stocks opened sharply lower tracking the weakness across global markets,on Wednesday, Jan 21. Banks and metals were badly hit. Wipro shares dropped 5 per cent at open after it reported an 18 per cent rise in quarterly profit, on expected lines, but cut outlook for the March quarter.
Bombay Stock Exchange"s 30-share Sensex fell 182 points to 8886.56. National Stock Exchange"s benchmark Nifty lost 53.10 points or 2 per cent to 2743.50 from Tuesday"s close.
High expectations for details on how the new US administration would address the growing banking crisis and faltering economy were dampened after the inauguration speech by Barack Obama concluded with little new information to digest.