Financial Daily from THE HINDU group of publications
Friday, Oct 28, 2005
Financial Daily from THE HINDU group of publications Friday, Oct 28, 2005 |
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Stock Markets Markets - Stock Markets Sensex down 176 points as SBI, Bharti results disappoint Our Bureau
Mumbai , Oct. 27 THE BSE Sensex today lost over 176 points and neared a two-month low close, courtesy disappointing second-quarter results by SBI and Bharti Tele-Ventures and unwinding of positions in the derivatives market. Brokers said that the mood was so bad in the market today that even better than expected results from Reliance Industries failed to revive sentiment. The market, which opened flat in the morning, fell after 30 minutes of trading and continued to move down as the day progressed. Bharti Tele-Ventures surprised the market with its results, which were below expectations. Soon, SBI also announced results on a similar note. By then sentiment was too bad for Reliance Industries' good results to bring back confidence among traders. It led to sell-off of positions in the derivatives market. Today was the last day for expiry of October contracts. Nifty down 56: At close, the BSE Sensex was down by 176.20 (down 2.21 per cent) to close at 7,798.49. On the NSE, S&P CNX Nifty ended with loss of 55.6 points (2.31 per cent) to close at 2,352.90. Stocks that led to fall in indices were Bharti Televentures (down 7.41 per cent at Rs 311.95), SBI (down 6.09 per cent at Rs 830.65), and ICICI Bank (down 5.80 per cent at Rs 480.65). Reliance Industries was not spared either; it lost 1.66 per cent to close at Rs 751.20. "Unwinding of positions and mixed corporate results saw the market in a highly volatile mood, which saw the indices drop without much support," said Motilal Oswal Securities in its daily report. Brokers said that the financial results by companies are mixed and this is leading to traders not building up fresh positions in the cash as well as derivatives markets. Sell and exit: "Nobody is interested in buying at the moment. Everybody wants to sell and exit from the market," said a dealer with a domestic broking firm. He added that the Sensex saw a steep fall on the back of heavy volumes, which was not a good sign for the market in the short term. "The Sensex has now corrected by more than 1,000 points from the all-time high of 8,821.84. It is expected to test the 7,500-7,600 support range in the coming few sessions. Immediate supports for the Sensex are placed at the 7,750 and 7,700 levels. Resistances are placed at 7,850 and 7,900 levels," Karvy Stock Broking said.
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