Stocks decline as selling continues

MUMBAI — The market settled near the lowest point of the day, on fresh selling in late trade. The market had started the day on a firm note on buying interest in index pivotals. However it had lost ground in early afternoon trade with European markets which opened after Indian market, sliding in early trade.

By Our Correspondent

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Published: Tue 18 Sep 2007, 9:16 AM

Last updated: Sat 4 Apr 2015, 11:41 PM

Investors turned cautious ahead of the crucial US Federal Reserve’s meeting today, which will set the trend for the global markets. The Fed is expected to cut the interest rate by atleast 25 basis points.

The BSE 30-share Sensex lost 99.37 points or 0.64 per cent at 15,504.43. It opened higher at 15,664.74 and advanced further to hit an intra-day high of 15,726.06. It slipped to a low of 15,467.46, at the fag end of the trading session.

At the day’s high of 15,726.06, Sensex had risen 122.26 points for the day. At the dayís low of 15,467.46, it had lost 136.34 points for the day. Sensex oscillated 258.60 points in the day.

Sectoral indices on BSE showed mixed trend. The BSE Consumer Durables index gained 3.21 per cent to 4,713.97 and was the top gainer among the sectoral indices on BSE. It hit a high of 4,735.91 which is record high for the index.

Two heavyweights Rajesh Exports (up 6.76 per cent to Rs 778.90) and Titan Industries (up 7.43 per cent to Rs 1504.50), led rally in BSE Consumer Durables index. Rajesh Exports galloped on reports that the diamond industry giant De Beers and a US-based buyout firm have separately shown interest in acquiring 51 per cent stake in the company.

India’s largest private sector power utility company in terms of sales, Reliance Energy gained 2.71 per cent to Rs 906.60 on 13.43 lakh shares. The stock surged 23 per cent in the past month from Rs717.50 on 16 August 2007 to Rs882.65 on 14 September 2007. It was boosted by recent reports that the apex court has allowed the company to bid for Rs2,600 crore Mumbai sea link project.

Auto stocks gained on renewed buying interest in anticipation of robust sales growth in the coming months during festival season. Maruti Udyog (up 1.06 per cent to Rs 875), Bajaj Auto (up 0.65 per cent to Rs 2392), and Tata Motors (up 1.61 per cent to Rs 705) edged higher.

India’s largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) slipped from day’s high of Rs2058.90, and hit a low of Rs2021.10. It settled 0.61 per cent lower to Rs2022 on 3.62 lakh shares. As per recent reports, RIL is foraying in shipbuilding and dredging business with two separate companies. It plans to invest around $1 billion each in two companies and has begun talks with international majors for a strategic tie-up for the dredging business. India’s largest cigarette manufacturer in terms of sales, ITC rose 0.28 per cent to Rs180.85 on reports it is gearing up for the launch of a mass brand in the home and personal care space. The company has already set up a separate strategic business unit (SBU) for this purpose.

Housing Development Finance Corporation (HDFC), the nation’s top mortgage lender in terms of revenue, lost 3.31 per cent to Rs 2143.50 on 72,982 shares. It was the top loser from the Sensex pack.

IT shares were subdued throughout the day due to lingering concerns of possible US recession. TCS (down 2.31 per cent to Rs 999), Infosys Technologies (down 1.55 per cent to Rs1801.55), Satyam Computers (down 1.97 per cent to Rs 422.20), and Wipro (down 0.06 per cent to Rs 450), were the other losers from IT pack.

Telecom pivotals Bharti Airtel (down 2 per cent to Rs814.40) and Reliance Communications (down 2.40 per cent to Rs530.10) slipped on profit booking.

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