Market closes lower, Sensex declines 16 points

MUMBAI — The market ended almost unchanged after seeing range-bound movement throughout the day. Shares from sugar, consumer durables and real-estate sectors outperformed, while those from the FMCG, cement, auto and healthcare sectors underpeformed.

By Our Correposndent

Published: Wed 15 Aug 2007, 9:04 AM

Last updated: Sat 4 Apr 2015, 9:21 PM

The turnover was also subdued. US stocks had also closed without much movement on Monday.

Asian indices settled on a mixed note, while European indices were trading on a weak note yesterday even as the Indian markets closed for the day. Crude oil rose yesterday with US crude gaining 23 cents at $71.85 a barrel, supported by central banks' moves to pump extra cash into financial systems to head off dangers of a credit squeeze.

Global markets are watching with concern for cues from hedge funds, which have been hit due to their exposure to subprime mortgage-backed loans. Today is the last day of the 45-day notice period required for investors to withdraw money from many hedge funds across the world for the current July-September 2007 quarter.

The BSE 30-share Sensex declined marginally by 16.30 points, or 0.11 per cent, to 15,000.91. It had opened higher at 15,066.71 and climbed up to a high of 15,069.64. But from here, the index had started declining and touched a low of 14,946.66 at 13:12 IST. It recovered later from that low. The benchmark index oscillated in a narrow range of 105 points for the day.

The Sensex is 868 points away from its all-time high of 15,868.85 hit on 24 July 2007. However, in the past one year it has surged 3,687.92 points, or 32.60 per cent, from 11,312.99 on August 15, 2006 till 15,017.21 on Monday.

NTPC, the country's largest power generation firm, rose 3.10 per cent to Rs173 on high volumes of 18.76 lakh shares. It was the top gainer from the Sensex pack. It struck an all-time high of Rs176.80 in intra-day trade. Late last week, NSE decided to add NPTC in S&P CNX Nifty index in place of Dabur India from September 24, 2007.

State Bank of India (SBI), the country's largest bank, moved up 0.10 per cent to Rs1614.70 on its plans to mop up nearly Rs180000 crore over the next five years, including a Rs14500-crore public offer this fiscal.

HDFC Bank (up 1.26 per cent to Rs1149.90), ONGC (up 1.99 per cent to Rs860) and Hindalco Industries (up 0.92 per cent to Rs153.90) were the other gainers from the Sensex pack.

India's largest private sector company and oil refiner Reliance Industries (RIL) rose 0.45 per cent to Rs1837.10 on 4.47 lakh shares. It moved in a range of Rs1815 and Rs1842. As per reports, RIL has received clearance from West Bengal's Food Processing and Horticulture department for its agri-retail business in the state.

ACC, the country's second largest cement producer, slipped 2.40 per cent to Rs988 on 2.01 lakh shares. It was the top loser from the Sensex pack.

HDFC (down 1.85 per cent to Rs1947) and Grasim (down 1.92 per cent to Rs2880.25) were the other losers from the Sensex pack.

Shares from the consumer durables sector were in demand on fresh buying. Blue Star (up 3.92 per cent to Rs314), Gitanjali Gems (up 1.85 per cent to Rs260), Titan Industries (up 2 per cent to Rs1174) and Videocon Industries (up 3 per cent to Rs380) advanced.