RTTNews - After a robust start, the Indian market tumbled in mid-session trading on Wednesday, as weak European markets and lower U.S. index futures led to further profit taking following sharp gains in recent sessions. Earlier in the day, the barometer index BSE Sensex hit its highest level in more than a month on the back of firm Asian cues and favorable reports concerning disinvestment in public sector units.

After moving between a high of 15,369 and the day's low of 14,787, the BSE Sensex finished at 14,843, down 219 points or 1.46% from its previous close, while the S&P CNX Nifty fell 70 points or 1.57% to 4,399.

The broad-based BSE 500 index fell 1.37%, the mid-cap index moved down 0.97% and the small-cap index shed a modest 0.35%. On the BSE, losers outnumbered gainers by 1373 to 1231, with 98 stocks closing unchanged.

Stocks across the sectors ended in the red. While, capital goods, auto, power and IT stocks bore the brunt of the selling, public sector, realty, consumer durable and defensive FMCG stocks ended with modest losses.

Among the major decliners, HDFC plunged 4.43%, Hindalco, Reliance Infrastructure, Grasim and Tata Steel tumbled over 3% each and Jaiprakash Associates, BHEL, TCS, Reliance Communication, ACC, Reliance Industries and Maruti Suzuki ended down about 2% each.

On the other hand, ONGC rallied 4.60%, Sterlite rose 0.91%, DLG gained 0.79% and NTPC added 0.44%.

Wipro fell 1.52% after its 12% year-over-year rise in June-quarter net profit failed to cheer investors amid much better results announced by TCS and Infosys recently. Tata Power ended down 0.75% after it raised $335 million through the issue of securities in the international markets to fund its ongoing projects.

ING Vysya Bank surged up 8.55% on the back of a 48% year-over-year rise in its June-quarter net profit. Yes Bank rose 1.53% after reporting an 84% rise in its quarterly net profit. Radico Khaitan fell nearly 4% even as its June-quarter net profit rose 56% year-over-year.

Infosys fell 1.23% even as it bagged a 10-year contract to design, develop and support a portal for the ministry of commerce and industry. Dr. Reddy's tumbled nearly 5% despite announcing a 120% rise in its June-quarter net profit.

Essar Oil eased 2.55% after it tied up $920 million debt with various banks to fund the expansion plans of its Vadinar refinery in Gujarat. Mahindra Satyam fell 3.49% on reports that it has lost a technology contract worth Rs.100 crore from Indian Railways.

Moser Baer India rallied 5.23% after it announced the settlement of its long-drawn licensing and patent dispute with the global electronic giant Phillips. Brahmaputra Infraproject was locked at the 5% upper circuit limit on bagging new orders worth Rs 433 crore from Jaiprakash Associates for the construction of Yamuna Express highway connecting Greater Noidia to Agra.

Hexaware Technologies unveiled its new brand identity that focuses on the key value it provides to its stakeholders. The stock closed down 1.89%.

NMDC rose 1.11% on reports the steel ministry has initiated steps for divesting a small stake in the firm. BHEL fell 2.89% despite reporting a 22% growth in its June-quarter net profit. SBI ended down 0.87% on reports the government could dilute its stake in the bank to 55% from 59.41%.

Rural Electrification Corp gave off 2.41% following reports that it plans to raise around Rs2,900 crore by issuing new shares either through the follow-on public offer or a qualified institutional share placement. HDFC tumbled 4.43% despite announcing a 21% year-over-year rise in its quarterly net profit.

Canara Bank fell 2.08% even as its June-quarter net profit climbed 3.5 times to Rs.555 crore from Rs.122 crore in the corresponding quarter last year. BOC India declined 1.33% after reporting a 42% fall in its first quarter net profit for FY10.LIC Housing Finance slumped 6.74% despite reporting an 18% growth in its June-quarter net profit.

Elsewhere, while the major Asian markets such as Japan, Australia, New Zealand, South Korea and China advanced on Wednesday on the back of better-than-expected U.S. corporate earnings, Hong Kong's Hang Seng index, Indonesia's Jakarta Composite index and Singapore's Straits Times index ended down amid some profit taking after a recent rally.

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