NIFTY slumps, Sensex reels under selling pressure

Sensex was reeling under pressure today with the index closing down by 367.96 points. BSE Sensex closed at 11550.69 after touching an intraday high of 11971.6 and low of 11505.6. Out of 30 stocks in Sensex, 29 were losers and only 1 stock was gainer.

S&P CNX NIFTY slumped down by more than 100 points to close at 3366.15 in today´s trading. NIFTY closed Friday at 3471.45 and closed today at 3366.15, down by 105.3 points. Out of 50 stocks in NIFTY, 48 closed down and only 2 were gainers.

The two gainers in NSE were Hero Honda and Jet Airways. Hero Honda closed higher by 1.3% at Rs.744.7. The stock had hit an intraday high of Rs.756.85 and intraday low of Rs.739. 1545565 shares changed hands in NSE today.

Jet Airways closed higher after the company inked deal with major carriers KLM, British Airways and North West for interline e-ticketing. The stock closed the day at Rs.632.05, up by 0.60%. The stock hit an intraday high of Rs.651.5 and low of Rs.618.2.

VSNL and SUZLON were the major losers in NIFTY with both stock losing more than 6% during the day´s trading. VSNL closed lower by 6.91% at Rs.394.2 after hitting an intraday low of Rs.387.15. SUZLON Energy lost 6.01% to close at Rs.1132.35. 664132 shares of Suzlon changed hands in NSE during the day.

Stocks which lost more than 5% include Reliance Energy (Rs.459.25, down by 5.91%), NALCO (Rs.200.40, down by 5.83%), Tata Motors (Rs.847.5, down by 5.78%), Tata Power (Rs.507.8, down by 5.63%), IPCL (Rs.289, down by 5.63%), MTNL (Rs.153.25, down by 5.52%), Tata Steel (Rs.496.7, down by 5.47%), Hindalco (Rs.174.05, down by 5.41%).

Stocks lost more than 4% were: CIPLA, Gujarat Ambuja Cement, Dabur, Hindustan Lever, Oriental Bank of Commerce, ACC.

Stocks lost more than 3% were: Glaxo, Reliance Industries, TCS, Ranbaxy Laboratories, Dr Reddys, GAIL, L&T, Infosys Technologies, Mahindra & Mahindra, HDFC Bank, ITC, Bajaj Auto, BHEL.

Other losers include, SBI, Satyam Computers, Siemens, Sun Pharma, Maruti, Grasim Industries, Bharti Airtel, ONGC, HCL Technologies, WIPRO, SAIL, ICICI Bank, PNB.

Meanwhile, Derivative contracts are to be introduced in 4 stocks from September 15, 2006 in NSE. The stocks are Larsen & Toubro (LT), Reliance Communications Ltd (RCOM), Steel Authority of India Ltd (SAIL), Zee Telefilms Ltd (ZEETELE).

Source : Equity Bulls

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