Markets Undergo Correction; Secular Drop In Prices, Pharma, Metals ...

2011-08-12 10:57:19 | Source

After six days of continuous rise, Indian markets took a breather on Friday following a broad based liquidation. The Sensex gap-opened at 13,678, a forward gap of 172 points and lost steam soon, nose diving on an across-the-board selling. While some initial buying was seen in construction, engineering and oil marketing companies stocks, other sectors such as auto, banking, pharma and FCMG wilted under intense selling pressure. The Sensex nose-dived to the day's low of 13,383 and then recovered to end the day at 13,430, down 76 points or 0.57%. In tandem, the Nifty, which opened at 3877 and rallied to a high of 3892 ended at 3853 netting a sharp loss of 24 points or 0.62% for the session.

Among the Sectors, the BSE Small-cap index dropped 2%; the Mid-cap index slipped 1.5%.The Healthcare index shed nearly 2% and the Metal index slipped 1.6%. The Bankex and Auto index were down 1.2% each.

The despair in the investor sentiment can be gauged by the fact that for almost every three decliner there was only one gainer. The losers were 1, 881, compared to the 641 gainers.

In the Sensex space, Dr.Reddy's plunged 5%, after the company priced its 12.5 million ADS issue at $16 apiece, a 2.7% discount to its prevailing ADR price.

ONGC shed 2.5%. Gujarat Ambuja dropped 2%. Cipla, Ranbaxy, ITC and Hero Honda slipped nearly 2% each. HDFC Bank, Grasim, ICICI Bank and Reliance Energy were down around 1.5% each. HLL and Tata Steel shed 1.3% each. BHEL, Bajaj Auto and Satyam declined 1% each.

However, HDFC surged 3.3%. NTPC rallied 3%. ACC, Bharti Airtel and Reliance Communications were the other prominent gainers today.

Apollo Hospitals, FDC Ltd, Sterling Biotech, Orchid Chemicals, Nicholas Piramal, Wyeth Ltd, Cadila Healthcare and Aventis Pharma lost ground besides Dr Reddy's among the pharma sector stocks.

In the Banking space, Bank of Baroda, Andhra Bank, Punjab National Bank, Allahabad Bank, and Indian Overseas Bank were the other key losers.

In the auto pack, Asahi India, Escorts Ltd, Bharat Forge, MRF Ltd, Exide Industries, Cummins India, TVS Motor and Amtek Auto closed in negative turf besides Hero Honda.

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