Sensex slides again, sheds 150 pts in 2 days

Updated: Nov 23 2005, 06:54am hrs
Tuesday was no different from Monday with the bourses continuing their downward swing as market participants chose to play safe ahead of the expiry of the November derivatives contract on Thursday.

The benchmark 30-share Sensex of the Bombay Stock Exchange (BSE) Ltd ended the day at 8,534.97, shedding 75.77 points. The index has now lost a little over 150 points in the last two trading days.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) fell below the 2,600-mark to close at 2,572.85, down 29.65 points.

Heavyweights across the board lost ground and closed in the red. The Sensex pack comprised 24 losers and only six gainers.

Most of the sectoral indices on BSE also closed in the red. BSE Metal, BSE Oil & Gas and BSE PSU all lost more than 1% each.

"There is some amount of consolidation happening in the market and there is nothing to panic. The expiry of the November derivatives contract is nearing and the markets are expected to remain range-bound," said Kashyap Pujara, associate vice-president, Sushil Finance Consultants Ltd.

The market breadth, which was slightly in the black during afternoon trades, slipped in the red as the day progressed. On BSE, 1,602 stocks lost ground, much higher than advances at 873. A total of 200 stocks hit the lower circuit during the trading session.

The turnover on the bourses witnessed a mixed trend with BSE reporting a lower turnover at Rs 2,757.12 crore. It was higher on NSE at Rs 5,677.27 crore.

FIIs were net buyers at Rs 423.70 crore in the cash market on Monday, after remaining net buyers on Friday last week at Rs 286.30. In the derivatives segment, they were net sellers at Rs 94.10 crore.

Ranbaxy Laboratories was the worst performer among the Sensex pack shedding 3.52% to end the day at Rs 376.90. It was followed by Tata Steel (down 2.65% at Rs 350.90) and Maruti Udyog (down 2.65% at Rs 579.35). ONGC also lost more than 2% to close at Rs 993.65.

SBI, HDFC, Grasim Industries, Tata Motors, Reliance Energy, TCS Ltd and Reliance Industries Ltd all closed in the red, further pulling down the index.

On the other hand, L&T, Hero Honda Motors, Bajaj Auto, ACC, Bharti Tele-Ventures and Infosys Technologies gained ground in an otherwise weak market.