RTTNews - After trading range bound with a positive bias for most part of the day, the Indian market ended down for the 4th successive session despite positive cues from the rest of Asia and the European markets.
Probably, after yesterday's disappointing factory orders and non-farm private sector employment reports from the U.S., investors preferred to wait and watch Friday's key monthly U.S. jobs report, for more inputs on the sustainability of the global recovery.
Japanese stocks ended down modestly and Australian stocks closed almost unchanged, while China's Shanghai Composite index soared 4.8% following reports that lending by big banks remained robust in August. Comments from the Chinese market regulator that it would do its best to promote the steady development of the equity market also helped lift stocks across Asia.
As investors braced for the European Central Bank's decision on interest rates, European stocks rose in early trading after a three-day losing streak and U.S. stock futures gained, signaling a higher opening on Wall Street Thursday morning on the back of modest rises in the price of commodities.
After sharp losses in the past two sessions, crude oil prices rose above $69 a barrel in late Singapore trading.
Back home, the BSE Sensex moved in a range of 15,598-15,357 before finishing at 15,398, down 69 points or 0.45% and the S&P CNX Nifty fell 15 points or 0.32%. The broader market, however, witnessed modest gains and the market breadth on the BSE was fairly positive. The BSE mid-cap index moved up 0.22% and the small-cap index rose 0.71%.
Oil/gas, healthcare, capital goods and auto stocks bore the brunt of the selling, while consumer durable, metal, IT, realty and banking stocks witnessed selective buying.
Among the major decliners, Reliance Industries and Mahindra & Mahindra fell around 2% each, Bharti Airtel gave off 1.77%, Tata Motors declined 1.62%, Tata Power eased 1.34%, ONGC shed 1.24%, Larsen & Toubro lost 1.14%, ACC ended down 1.10% and Hindalco slipped 0.92%.
Hero Honda Motors, NTPC, Wipro, ITC, HDFC and Jaiprakash Associates were the other prominent losers.
However, Reliance Communication surged up 5.31%, Sterlite Industries advanced 1.64%, Infosys rose 1.06%, Tata Steel gained 1.0%, SBI added 0.68% and DLF moved up 0.25%, while Grasim and TCS finished almost unchanged.
NTPC fell 0.72% amid conflicting reports about its position in the ongoing legal dispute with Reliance Industries. Reliance Industries fell over 2% and Anil Ambani- controlled RNRL ended down 1.10%.
Tata Motors fell 1.62% following recent gains. Reports said that it will raise production of its Ace light truck model by 15-20 per cent by the end of March.
Lumax Industries reportedly said that it plans to invest Rs.40 crore on R&D activities during the remaining period of the fiscal year. The stock ended down 2.05%.
ICICI Bank closed flat on reports that its insurance subsidiary is on track to break even in the next 2-3 years. Golden Tobacco was locked at the 5% upper circuit limit on reports it will either co-develop or sell its 7.5-acre property located in the Mumbai suburbs.
BHEL slipped 0.21% on reports it will set up a 250-Mw solar photovoltaic production facility. Maytas Infra hit the 5% upper circuit limit for the fifth straight session, a day after its new promoter IL&FS made an offer to buy an additional 20 percent stake in the company.
Madhucon Projects edged down 0.21% after its board approved in principle, a proposal to sub-divide the company's shares of face value Rs. 2 each into shares of Re.1 each.
Moser Baer India rose nearly 3% after it has been awarded an EPC contract to develop a one- megawatt solar project in Chandrapur, Maharashtra. Parsvnath Developers advanced 2.73% on reports about its debt-cutting plans.
Ranbaxy Laboratories said it entered into an agreement with U.S.-based Validus Pharma to market and distribute an authorized generic version of Rocaltrol used in the treatment of ailments arising from renal failure. The stock ended down 2.31%
Fertilizer stocks closed firm on reports that monsoon rains were close to normal in the week to Sept 2. GSFC surged up over 9%, Chambal Fertilizer rallied 4.47%, Rashtriya Chemicals rose 2.44% Nagarjuna Fertilizer advanced 3.35%, Tata Chemicals edged up 0.87% and Zuari Industries ended up 0.14%.
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