The Hindu Business Line : Selling pressure drags Sensex down

SELLING pressure dragged the Sensex down sharply by 121.24 points (or 1.82 per cent) on Tuesday's trading, marking the second successive day of decline in the broad markets. The Sensex closed at 6535.45 points, slipping back to the levels prevailing prior to the Union Budget on February 28. Sluggish FII inflows and rising international crude oil prices appear to have led to the dampened market sentiment. The market breadth was clearly negative. Out of 2,473 stocks traded on Tuesday, 428 stocks appreciated, while 2002 stocks logged declines. The BSE sectoral indices also reflected the carnage, with banking, metals (both steel and non-ferrous metals) and auto sectors losing ground more than the Sensex.

The S & P CNX Nifty also reflected the same story, losing 1.67 per cent to close at 2061.60 points. Contrary to past trends, however, Nifty Junior and Midcap 200 slipped more than the Nifty during the day's trading. While Nifty Junior declined by 2.82 per cent, Midcap 200 Index dipped by 1.99 per cent.

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Among the Nifty, the significant losers were Tata Power, Dabur, Steel Authority of India, SBI and Hindalco. The stocks that bucked this trend were Dr. Reddy's Labs, Sun Pharma, Hindustan Lever, MTNL and Zee Telefilms. Among the Nifty Junior, the banking stocks, which shed more than 5 per cent during the day are Vijaya Bank, Bank of Baroda, Andhra Bank, Corporation Bank and Union Bank. Outside this, the losers were Moser Baer, Aurobindo Pharma and Nicholas Piramal.

In a day populated with losers, McDowell & Co was among the prominent gainer, with the stock gaining Rs 9.10 (or 3.6 per cent) to close for the day at Rs 260.70. The volumes also perked up sharply from 8.79 lakh shares on Monday to 22.19 lakh shares during the day. The rise has to be seen in the light of the agreement inked by the company with Jumbo World Holding to acquire indirect controlling stake up to 55 per cent in Shaw Wallace. The other gainers were Tata Infotech, Skanska Cementation, Bombay Dyeing and Shri Adhikari Brothers.

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