The Hindu Business Line : Field day for bears

The negative sentiment that prevailed across sectors and categories could be gauged from the strong advances-ratio at 1:2 in favour of the losers. The declines, however, were lower in the mid-cap and small-cap indices.

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Metals, technology and FMCG sectors bore the major brunt of the bearish sentiment.

Opening on a weak note, higher by only 15 points, the BSE Sensex moved within a narrow band of 30 points until noon. Post-lunch, it took a deep dive into the red to touch the day's low of 7767 points. Gains in the last few minutes helped the index near the 7800 mark.

Opening at 2409 points, the S&P CNX Nifty moved on similar lines. Early in the session, it touched the day's high of 2417 points, however, from then on, the Nifty continued to move in the red until the strong bearish sentiment set in to pull it further into the red. The Nifty closed for the day at 2356.8 points, recording a 2.15-per cent fall.

The BSE Bankex recorded the largest drop among the sector-oriented indices. A four per cent drop offset the gains in the two preceding sessions and pushed it past the 4400 mark to 4351.6 points. The index has lost 14 per cent since a month ago. The negative sentiment that prevailed among the frontline stocks in this sector was evident as 14 stocks of the index closed lower compared to one, which registered gains. IOB, which moved up by 1.5 per cent, was the lone gainer.

SBI reported a 12-per cent earnings growth for the second quarter. Operating profits, however, declined by 24 per cent as income on investments dropped by 13 per cent. The poor performance appears to have taken its toll on the stock as it shed 6 per cent on higher volumes.

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