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Market slips as selling continues

MUMBAI — The market lost ground in late trade as index heavyweight Reliance Industries dropped and ITC slipped. The market was in the green for a better part of the day though it had pared gains after an initial surge.

Banking majors plunged. IT pivotals pared gains. Consumer durable, auto, realty moved higher. BSE Mid-Cap and Small-Cap indices outperformed Sensex. The market breadth was strong. 2 out of 3 key European markets were in the red. Key Asian markets ended in the red.

The 30-share BSE Sensex lost 64.53 points or 0.33 per cent at 19,633.36. It had hit a low of 19,583.97 in late trade. At the day's low, Sensex lost 114.39 points. Sensex hit a high of 19,971.44 at the onset of the trading session. At dayís high of 19,971.44, the Sensex had gained 273.08 points.

Banking majors declined. HDFC Bank (down 1.89 per cent to Rs 1,655.20), ICICI Bank (down 2.67 per cent to Rs 1,186.85), and State Bank of India (down 0.89 per cent to Rs2,304.90) edged lower.

Index heavyweight and Indiaís largest private sector firm by market capitalisation Reliance Industries declined 0.81 per cent to Rs 2,852.50.

IT stocks declined. Satyam Computer Services (down 1.52 per cent to Rs 422.05), Infosys (down 0.23 per cent to Rs 1,619.70), Wipro (down 0.2 per cent to Rs 457.40) edged lower.Tata Consultancy Services rose 0.61 per cent to Rs 988.15.

Consumer durables stocks surged and BSE Consumer Durable index was the major gainer from BSE's sectoral indices. Videocon Industries (up 8.99 per cent to Rs 438.25), and Rajesh Exports (up 0.18 per cent to Rs 856.55) edged higher.

Larsen & Toubro (L&T) declined 0.18per cent to Rs 4,368.15. The company announced during market hours today it in association with Shanghai Urban Construction (Group) Corporation has secured a design & build contract valued at Rs 275 crore from Delhi Metro Railway Corporation (DMRC). Auto stocks were in demand.Mahindra & Mahindra (up 2.19per cent to Rs 749), Hero Honda Motors (up 2.03per cent to Rs 708.50), Tata Motors (up 0.64 per cent to Rs 702.60) and Maruti Suzuki India (up 0.39 per cent to Rs 1,053.50) edged higher.

Bajaj Auto rose 3.32per cent to Rs 2,426.20. UBS raised its 12-month price target on the stock to Rs 3,033 from Rs 2,440, saying the company was on a recovery path with its two-wheeler business improving and competition seen easing.

Tata Steel (up 2.32per cent to Rs 862.75), Cipla (up 3.43per cent to Rs 186.85) and ACC (up 4.25per cent to Rs 1,083.85) edged higher.

India's largest cigarette major by revenue, ITC (down 3.1per cent to Rs 198.80), edged lower.