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| Sensex tanks 471 points |
| The markets ended weak after a choppy session on Monday with the benchmark index slipping 471 points to close at 12,415 levels
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| INDIA
, 5-March-2007
9:43:53 AM |
| The Sensex moved in a broad range of 12,344 – 12,716 levels in the intra-day deals. In the broader markets, the Nifty shed over four per cent or 150 per cent to end the day at 3,576 levels.
Analysts attribute the weakness to Wall Street's continued fall last week on concerns of US economic slowdown and meltdown in Asian markets.
"The Sensex can find support at 12,300 levels, while the absolute bottom level stands at 11,800. I expect the markets to stage a recovery soon," said Praveen Kumar, Technical Analyst, VIE Capital.
"The markets are expected to bottom out soon. One should not panic due to the market meltdown. The weakness is a good opportunity to buy," added Nalin Shah, Director, NVS Brokerage Pvt Ltd.
Ranbaxy at Rs 321 levels was the biggest loser among BSE 30 scrips. The stocks shed 7.6 per cent or Rs 26. Maruti Udyog, Dr Reddy's, Wipro Ltd, Larsen & Toubro, Tata Steel, ACC and Tata Motors also ended in the red.
However, Gujarat Ambuja Cement and Grasim Industries managed to close in positive territory. The stocks surged 2.2 per cent and 0.2 per cent respectively.
Sea of red
All sectoral indices ended in the red by the close of trade. The BSE capital goods index was the top loser. It shed 5.5 per cent or 480 points.
KEC Infrastructure (down 9.8 per cent), Praj Industries (down 9.2 per cent), Crompton Greaves (down 7.8 per cent), Carborundum Universal (down 7.4 per cent), Alstom Projects (down 7.2 per cent), Siemens India (down 7 per cent) and SKF Bearings (down 6.5 per cent) lost ground.
TVS Motor at Rs 54 levels was the top dragger among auto counters. It shed 10.6 per cent or Rs 6. Escorts Ltd, Ashok Leyland, Mahindra & Mahindra, Apollo Tyres, Hindustan Motors, Sundaram Clayton, Tube Investments and MRF Ltd also closed in the red.
Cements crack
Deccan Cements (down 8.5 per cent), Mysore Cements (down 8.2 per cent), Ultratech Cemco (down 8 per cent), JK Cements (down 7.6 per cent),
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