Markets witnessed the full force of the bear's rampage on Wednesday with the Sensitive Index losing over two per cent. The broad markets were also engulfed in profit booking. This was reflected in the declining stocks outnumbering the advancing stocks by a ratio of 2.5:1. The pessimism was seen across Asian markets as well as a majority of them closed in the red.
Decline in confidence of FIIs was evident from the net outflows in derivatives market. Overseas investors were net sellers of equity derivatives to the tune of Rs 1,600 crore.
Stocks in limelight
Recently listed stock,
Reliance Natural Resourcesevinced buying interest throughout the day. The stock rose 20 per cent to Rs 26. 195-lakh shares of the company were traded at the BSE.
Gulf Oil Corporationsurged by 19.7 per cent to Rs 878.6.The stock has gained close to 30 per cent since March 1.
Grindwell Nortonadded 16 per cent to close at Rs 614. More than two lakh shares of the company were traded at the Mumbai stock exchange.
The capital goods sector continued to power ahead and made significant gains in a market that witnessed all-round selling. In the large-cap space
Siemenscontinued their northward journey.
Crompton Greaves, Emco, Areva T&Dand
Numeric Power Systemswere key gainers in the power equipment space. Power stocks such as
NEPC, Power Trading Corporationand
CESCalso closed in the green. The dream run of the likes of
KEC Infrastructure, Havells Indiaand
Kalpataru Power Transmissions,however, came to a halt as the stocks succumbed to challenges from the bear.
The Supreme Court's verdict in favour of property developers in Mumbai continued to shed positive light on the real estate stocks.
Ansal Housing and Constructionmarched ahead and closed with gains of four and five per cent respectively.
Metal stocks lost sheen and came under selling pressure.
JSW Steel, Jindal Stainless, Hindalcoand
Hindustan Zincwitnessed profit booking throughout the day.
FMCG stocks showed signs of slowing down. Apart from declines witnessed by heavy weights
ITC, stocks such as
McDowell, Shaw Wallaceand
Britannia Industriesalso ended in the red.
Shriram Transport Finance Company approved the merger of Shriram Overseas Finance with itself. The former will give three shares of the company for every five shares held by the latter.
Shriram Overseas Financerose 10 per cent to Rs 68.3 while
Shriram Transport Financegained 3.6 per cent to Rs 121.5.
MICOgained 2.6 per cent to Rs 3,266. The company's fourth quarter profits rose 3 per cent and revenues surged by 39 per cent.
Temasek Holdingsof Singapore bought a 9.9 per cent stake in
Tata Teleservices. The stock declined by 2.3 per cent to Rs 24.7.
UTI Bank, Bharat Electronics, LG Balakrishnan & Bros, The Ruby Millsand
Greaves Cottonwere some of the stocks in the Nifty constituency that closed with significant gains.
Tata Steel, VSNL, Lupinand
Hindustan Motorsreflected general market sentiments and ended as conspicuous losers.