Sensex dips 176 pts despite late buying

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After languishing deep down in the red till around noon following a weak start due to credit concerns, the market staged a smart recovery in afternoon trade after the Left parties decided to withdraw support to the UPA government.

Thanks to the smart rally staged by a host of blue chip stocks, the Sensex, which had gone down by over 475 points to 13,049.95 at one stage, recovered well and settled at 13,349.65, cutting down its loss to 176.34 points or 1.3%.

The Nifty, which had tumbled to 3896.05 in morning trade, ended at 3988.55, down 1.03% or 41.45 points from its previous closing mark.

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Capital goods, power and PSU stocks bounced back smartly from their lower levels and some of them even ended with handsome gains. Metal stocks had a bright spell in the positive territory but lost their way towards the closing minutes.

Bank stocks opened on a weak note with sector heavyweights leading the trip down south. However, thanks to strong buying at lower levels, many stocks from the banking space regained lost ground. Realty and auto stocks also trimmed down their losses. Oil, FMCG and IT stocks declined sharply.

Among the gainers from the Sensex, ACC stood out with a sparkling display. The cement stock vaulted to a high of Rs 537.90 in intra-day trades and finished with a handsome gain of 6.25% at Rs 527. Mahindra & Mahindra closed stronger by nearly 4%.

NTPC ended 3.6% up. State Bank of India (2.8%), BHEL (2.2%), Hindalco (2.2%) and Larsen & Toubro (1.5%) closed with sharp gains. DLF and Ambuja Cements posted modest gains while Hindustan Unilever settled marginally higher.

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Wipro closed with a sharp loss of 4.6%. Infosys Technologies (down 3.6%), Satyam Computer Services (down 2.95%) and Tata Consultancy Services (down 2.95%) also ended with sharp losses.

Tata Motors lost over 4%. ITC and Reliance Infrastructure eased by 3.2% and 3% respectively. Reliance Industries went down by 2.4%. HDFC (down 2.1%), Bharti Airtel (down 2%), Ranbaxy Laboratories (down 1.85%), ONGC (down 1.%), ICICI Bank (down 1.6%), Jaiprakash Associates (down 1.%) and Reliance Communications (down 1.05%) closed on a weak note.

Maruti Suzuki, Cipla and HDFC Bank also ended with notable losses. Tata Steel settled around its previous closing price.

Tata Power, Nalco, Unitech, Zee Entertainment, Idea Cellular, Punjab National Bank, HCL Technologies, SAIL, Reliance Petroleum and Cairn India were among the major losers in the Nifty index.

BPCL shot up by 5.6%. Power Grid Corporation, ABB, Suzlon Energy, Siemens, Dr. Reddy's Laboratories and Sterlite Industries also ended on a firm note.

Alstom Projects, Areva, Bharat Electronics, Elecon Engineering and Lakshmi Machine Works finished with impressive gains. Torrent Power, Crompton Greaves and Reliance Power also moved up sharply.

Godrej Industries, Rolta India, ABG Shipyard, Hindustan Petroleum Corporation, Jai Corp, Yes Bank, Chambal Fertilizers & Chemicals, Kotak Bank, JSW Steel and Rashtriya Chemicals & Fertilizers rose sharply on strong buying support.

Moser Baer, Bajaj Hindustan, Punjab Lloyd, Exide Industries, Rajesh Exports, Akruti City, IVRCL Infrastructure, Educomp Solutions, Brigade Enterprises, Deccan Aviation, Phoenix Mills, Edelweiss Capital and Essar Shipping were among the prominent losers today.

As recovery gained momentum in afternoon trade, several midcap and smallcap stocks regained lost ground and posted gains. Still, the market breadth remained weak till the end of the session.

Out of a total of 2656 stocks traded on BSE today, 1156 stocks ended with gains. 1417 stocks posted losses and 83 stocks ended flat.

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