Sensex extends losses; Metal, Power, CG drag

Indian markets declined further on the back of weak opening of European market. Intense profit booking is being witnessed in metal, power and capital goods.

European stocks declined and Asian technology shares fell after worse-than-expected earnings for Microsoft Corp. and Google Inc.

At 2.32 pm, the Sensex was trading down 174.74 points or 0.93% at 18,617.19 with 28 components falling. Meanwhile, the Nifty was trading lower by 58.10 points or 1.02% at 5,660.60 with 47 components falling.

The 30-share benchmark index, BSE Sensex opened with a decline of 23.93 points or 0.13% at 18,768.00, while the broad based NSE Nifty started with a fall of 15.40 points or 0.27%, at 5,703.30.

Sensex Movers

Housing Development Finance Corporation contributed fall of 19.29 points in the Sensex. It was followed by Larsen & Toubro (18.37 points), I C I C I Bank (17.47 points), Reliance Industries (17.09 points) and H D F C Bank (16.84 points).

However, I T C contributed rise of 31.34 points in the Sensex. It was followed by D L F (0.18 points), Wipro (0.55 points), Infosys (1.3 points) and ACC (1.42 points).

Major gainers in the 30-share index were I T C (1.72%), and Dr Reddy"S Laboratories (0.09%).

On the other hand, G A I L (India) (3.23%), Jindal Steel & Power (2.80%), Hindalco Industries (2.80%), Sun Pharmaceutical Industries (2.07%), Tata Power Company (1.96%), and Bharat Heavy Electricals (1.86%) were the biggest losers in the Sensex.

Mid & Small-cap Space

The BSE Mid and small caps outperformed their larger counterparts declining 0.66% and 0.40% respectively.The major losers in the BSE Midcap were Aban Offshore (1.7%), CORE Education and Technologies (1.04%), Allcargo Logistics (0.87%), Allahabad Bank (0.87%) and Amtek India (0.55%).The major losers in the BSE Smallcap were A2Z Maintenance & Engineering Services (3.25%), Reliance MediaWorks (1.8%), Action Construction Equipment (1.6%), Adhunik Metaliks (1.21%) and Styrolution ABS (India) (1.16%).

Sectors in Limelight

The Metal index was at 10,332.00, down by 157.96 points or by 1.51%. The major losers were Jindal Steel & Power (2.8%), Hindalco Industries (2.8%), Coal India (1.71%), Hindustan Zinc (0.37%) and Bhushan Steel (0.26%).

The Power index was at 2,016.83, down by 30.85 points or by 1.51%. The major losers were Adani Power (2.99%), Reliance Infrastructure (2.02%), Crompton Greaves (1.93%), Bharat Heavy Electricals (1.86%) and A B B (0.22%).

The Capital Goods index was at 11,030.02, down by 161.17 points or by 1.44%. The major losers were Crompton Greaves (1.93%), Bharat Heavy Electricals (1.86%), BEML (0.99%), Bharat Electronics (0.72%) and A B B (0.22%).

On the other hand, the Consumer Durables index was at 7,352.87, up by 50.76 points or by 0.70%. The major gainers were Gitanjali Gems (3.38%), Rajesh Exports (1.68%), Blue Star (1.01%) and Titan Industries (0.83%).

Market Breadth

Market breadth was negative with 1,178 advances against 1,622 declines.

Value and Volume Toppers

State Bank Of India topped the value chart on the BSE with a turnover of Rs. 664.62 million. It was followed by L I C Housing Finance (Rs. 510.45 million), Tribhovandas Bhimji Zaveri (Rs. 452.90 million) and United Spirits (Rs. 358.93 million).

The volume chart was led by Subex with trades of over 5.05 million shares. It was followed by TV18 Broadcast (4.16 million), Hatsun Agro Product (3.50 million) and Unitech (2.65 million).