Mumbai, Aug 10: It was the third bad day for the Nifty. It broke another important level of 4400 in the last half an hour of the trade but managed to close above that level. The markets plunged owing to monsoon worries; auto and FMCG stocks were badly hit.
Selling was also seen in capital goods, banking, cement, power, realty, telecom and oil marketing companies' shares. However, technology stocks along with ONGC, Cipla and Tata Power were supportive to the markets throughout the session.
The equity benchmarks started on a higher note following positive Asian cues but immediately turned volatile in the first 15 minutes. In the last half an hour of the trade, both the indices saw huge selling pressure, wherein the Sensex touched an intraday low of 14,902.02 and the Nifty tested 4399.85.
The former Index shut shop at 15,009.77, down 150.47 points or 0.99 pc and the later one fell 0.98 pc or 43.75 points, to settle at 4437.65. Both the indices fell around 5.5 pc in three sessions, on closing basis. The broader indices underperformed the benchmark indices, slipped 1.7-2 pc.
Nifty trading marginally higher; Wipro, Infy gain
At 12:45 PM, the Nifty was trading marginally higher. The markets were volatile in trade. On the one side, FMCG, auto, cement, financial, capital goods and PSU power companies' shares along with Bharti were witnessing selling pressure.
However, on the other side, technology, metal, realty, private power and select telecom companies' shares along with ONGC were supporting the markets.
The Sensex was flat at 15,160 and the Nifty rose just 6 points, to 4,487. The broader indices were down 0.3-0.9 pc. The market breadth continued to be weak; about 1044 shares advanced while 1695 shares declined on the BSE. Nearly 436 shares were unchanged.
In the technology space, TCS surged 5.88 pc. Patni Computer, Tech Mahindra, Wipro and Infosys gained 2.5-4.5 pc. HCL Tech rose 1.15 pc. Metal stocks like Sesa Goa, Hindalco, Sterlite Industries, Tata Steel and SAIL were up 1-3.5 pc. Jindal Steel was up 0.56 pc.
In the pharma pack Aurobindo Pharma, Apollo Hospital, Glenmark, Sun Pharma Advanced, Lupin and Ranbaxy Labs gained 1.5-4.8 pc.
In the oil & gas space, ONGC, GAIL, Aban Offshore and Cairn India were up 1-2 pc. Reliance Industries and Reliance Petroleum rose 0.5 pc each. However, HPCL and BPCL fell over 2.5 pc.
Mkts choppy; Sensex down by 92 pts
At 11:44 hours IST, the Sensex was hovering around the 15,000 mark while the Nifty was trading around the 4450 level. Shares of financial, FMCG, auto, capital goods, power, select metal and cement companies along with Bharti and Reliance Industries were under pressure.
However, technology stocks along with ONGC, Cipla, Idea, Hindalco and Tata Power were being supportive to the markets.
The Nifty fell 24 points, to 4,457 and the Sensex was down 92 points, to 15,068. The broader indices slipped over 1 pc.
The market breadth was weak; about 941 shares advanced while 1,780 shares declined on the BSE. Nearly 454 shares were unchanged.
Mahindra Satyam, Reliance Industries, Educomp Solutions, Tata Steel, Reliance Capital, Bharti Airtel, Unitech and Suzlon Energy were most active shares on the bourses.
In the midcap space, Pidilite Industries, Hindustan Oil Exploration, Kansai Nerolac, REI Six Ten and Apollo Hospital were up 4-6 pc while Wyeth, Educomp Solution, Phoenix Mills, Anant Raj Industries and Indian Hotels fell 6-9.5 pc.
In the smallcap space, KRBL, Aarti Industries, Manappuram, Empee Distilleries and Henkel India gained 5.5-8 pc while KPR Mill, KSB Pumps, Sarda Energy, 3i Infotech and Prism Cement slipped 5.5-6.6 pc.
Markets positive; metals, realty, IT up
The Sensex bounced back led by positive Asian cues. The Nifty surpassed the 4500 mark as buying was seen in metals, realty, power and banking stocks. But both indices gave up some gains from their highs, as auto, FMCG and heavyweight Bharti Airtel were under pressure.
At 09:57 am, the Nifty rose 48 points, to 4,530 and the Sensex gained 160 point at 15,320. The CNX Midcap went up 1.5 pc, to 5,894 and the BSE Smallcap Index rose 1.4 pc, to 6,279. About 670 shares advanced while 70 shares declined on the NSE.
Among the frontliners, DLF, Sterlite Industries, Hindalco, Nalco, Tata Steel, Unitech, Reliance Communication, ICICI Bank, Reliance Infrastructure, Suzlon Energy, PNB, Tata Communication, HDFC Bank, Infosys, Tata Power, ONGC, Reliance Power and Axis Bank were the major gainers.
However, Bharti Airtel fell 1 pc. Sources told CNBC-TV18 that Bharti was considering sweetening proposal for MTN stake and may raise MTN offer by 5-10 pc. BPCL and M&M were down.
In Midcap space Mahindra Satyam, Firstsource Solutions, Alok Industries, Jaiprakash Associates and Kingfisher Airlines were up 1.5-4 pc.