Market review: Sensex extends losses, down 151 pts to end 2-mth low

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Shares of Metal, FMCG, Banking, Consumer Durable and Auto sectors declined sharply. (Reuters) Shares of Metal, FMCG, Banking, Consumer Durable and Auto sectors declined sharply. (Reuters)
SummaryShares of Metal, FMCG, Banking, Consumer Durable and Auto sectors declined sharply.

it said it will invest USD 5 billion along with BP in the flagging KG-D6 fields.

The company on Friday said that Reliance Sibur Elastomers (RSEPL), a joint venture between the company and SIBUR, has begun construction of a new butyl rubber plant at Jamnagar in Gujarat, which will be the country's first and amongst the world's top five manufacturers of butyl rubber when commissioned in 2015.

"This week market corrected as usually happens at the time of settlement which should not disturb investors. It has become a regular feature. Nifty at 5850, the valuations are neither expensive nor cheap. What can drive markets from here on is policy measures and liquidity. In my opinion US will defer its decision of withdrawing stimulus," said Kishor P Ostwal, CMD, CNI Research Ltd.

"As regards Budget, it is almost known everyone. Fiscal Deficit will be at 4.8 pct so what one should look at the budget? Will market go up or down? Everyone had taken huge long positions after the bullish statement issued by FM and all have seen their stop losses getting triggered. There is definite road map of dealing with diesel decontrol. This should be huge positive for OIL sector," Ostwal commented.

"In 2007 FIIs were sellers from July till December and market kept on rising and now the exactly reverse is happening. In recent months FII are large buyers and stock

markets are falling to new low of the year. In fact, even the bullish tone of hon'ble Finance Minister is of no use," he further added.

19 scrips out of the 30-share sensex pack ended in the red while 11 others finished in the green. Major losers were Jindal Steel 7.47 pct, Coal India 4.94 pct, Tata Motors 3.63 pct, Tata Steel 3.06 pct, ICICI Bank 2.83 pct, Hidnalco 2.32 pct, Maruti Suzuki 2.24 pct, HDFC Bank 2.23 pct and Bharti Airtel 2.03 pct.

However, besides RIL, Wipro gained by 4.19 pct, Sun Pharma 3.20 pct, Infosys 1.84 pct and Gail India 1.00 pct.

Among the sectoral indices, the BSE-Metal fell 3.46 pct, BSE-FMCG 2.28 pct, Bankex 2.06 pct, BSE-CD 1.45 pct and BSE-Auto 1.25 pct while the BSE-Realty firmed up by 3.76 pct, BSE-IT 1.97 pct, BSE-HC 1.53 pct and BSE-Oil&Gas 1.47 pct.

Meanwhile, Foreign Institutional Investors (FIIs) continued their buying by investing net Rs 1,887.60 crs including the provisional figure of February 22.

The total turnover at BSE and

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