RTTNews - After a cautious start, the Indian market swinged between positive and negative terrain before closing lower for the third straight session on Wednesday.
Nevertheless, the loss was modest compared to the rest of Asia, which had ended mostly higher yesterday and therefore showed a relatively sharper pullback in today's session. China's Shanghai Composite bucked the declining trend today, rising 1.16% led by oil refiners after the government hiked gasoline and diesel prices.
Back home, weak opening of the European markets for the third straight session on renewed worries about the balance sheets of U.S. banks and apprehensions about stretched valuations, also weighed on market movement. U.S. stock futures reversed their early gains.
The BSE Sensex moved in a range of 15,628-15,393 before finishing at 15,467, down 84 points or 0.54% from its previous close. Likewise, the S&P CNX Nifty fell 17 points or 0.37% to 4,608, the BSE mid-cap index moved down 0.68% and the small-cap index shed 0.32%.The market breadth on the BSE was negative. Losers outnumbered gainers by 1601 to 1162 and 82 stocks closed unchanged.
Sector-wise, realty, auto, capital goods, power and banking stocks underperformed the broader market, dragging the benchmark indexes lower.
Sterlite Industries(down 3.16%), BHEL(down 2.65%), Jaiprakash Associates(down 2.57%), Maruti Suzuki(down 2.27%), Bharti Airtel(down 2.13%), Mahindra & Mahindra(down 2.09%), Grasim(down 1.44%) and Tata Power(down 1.37%) were the top losers.
On the other hand, Reliance Communication rallied 4.56% on reports its subsidiary Reliance Infratel will raise Rs.5,000 crore from the primary market. Hero Honda motors rose 1.40% after announcing record sales of 415,137 units in August, up 36 percent from the year-ago month.
Infosys and TCS added over 1% each, thanks to the weakening rupee. Tata Motors edged up 0.07% on the back of a 14% rise in its total vehicle sales in August.
SBI added 0.11% on reports it has launched a fresh HR initiative, Hindustan Unilever rose 2.01% and Sun Pharma gained 0.97%.
Among the others that moved on stock-specific news, Bajaj Auto tumbled over 4% on reporting a modest 4% rise in motorcycle sales in August. NTPC fell 1.19% on reports the company will not file a separate plea to protect its interests in the RIL-RNRL legal dispute.
Aditya Birla Group said that the group's cement business witnessed a 32% rise in cement shipments in August. Grasim Industries fell 1.44% and UltraTech Cement ended down 1.80%.
Anil Ambani-controlled RNRL rose 2.38%, while Reliance Industries edged down 0.52% after the government sought permission of the Supreme Court for making amendments in its special leave petition filed in July.
Ranbaxy moved up 1.03% and Strides Arcolab surged up 6.42% on bagging a government order for the supply of generic version of Roche's anti-viral, Tamiflu, used to treat the H1N1 flu.
State-run oil firm IOC advanced 3.44% on reports it will foray into nuclear power generation soon. HPCL and BPCL jumped over 5% each after crude oil prices ended sharply lower for a second successive session on Tuesday on worries over energy demand.
Maytas Infra was locked at the 5% upper circuit limit after its new promoter IL&FS came up with an announcement for acquiring an additional 20% stake in the crisis-hit firm at Rs.112.80 per share.
Oracle Financial Services Software soared 5.21% on announcing the new release of Oracle Mantas for Financial Crime Management. Vivimed Labs hit the 5% upper circuit limit after it bought back foreign convertible bonds worth $12.5 million due for redemption in April 2012.
Pratibha Industries rallied 5.2% on bagging a contract worth Rs. 406 crore from Municipal Corporation of Greater Mumbai for replacement of pipelines. Nakoda Textiles surged up nearly 12% after announcing its foray into wind power.
McNally Bharat Engineering Company ended up 0.49% after the company proposed to raise resources through a rights issue. Stat-run REC edged up 0.56% on reports it will come with a follow-on-public offer by the end of this fiscal year.
Redington India climbed nearly 11% on the back of a block deal on the BSE. Texmaco advanced 3.39% on reports Reliance Mutual Fund has hiked its stake in the company through a qualified institutional share placement.
Unitech topped the traded value charts, followed by DLF, Reliance Industries, Aban Offshore and Tata Steel. On the volume front, Unitech once again led the toppers, followed by Satyam Computer Services, IFCI, Suzlon and RNRL.
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