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Markets end in deep red on the eve of Diwali

It is believed the southbound trend in the market is likely to continue for some time on the back of weak global indices.

business Updated: Nov 08, 2007 23:40 IST

The markets ended in the red before Diwali, amid profit booking and taking cues from its battered global peers.

The benchmark sensitive index (Sensex) was provisionally down by 230.90 points or 1.20 per cent at 19,058.93 and the broader S&P CNX Nifty was provisionally down by 83.60 points or 1.45 per cent at 5,698.75.

The southbound trend in the market is likely to continue on the back of weak global indices.

The market is likely to remain under pressure following a sharp drop in the US markets in Wednesday's trades and weakness among major Asian indices in the ongoing trades. Persisting offloading of equities from FIIs (foreign institutional investors) in the domestic market may also add pressure.

Credit market fears once again sent stocks reeling, as the Dow Jones index plunged 361 points on Wednesday, marking one of its biggest declines of the year. The Nasdaq dropped 76 points to close at 2,749.

All key BSE indices closed in the red led by the banking, metal and realty indices. IT stocks continued to crumble. Infosys and Polaris hit 52-week lows in Thursday's trade. The volume was relatively lower on Thursday and the market breadth remained negative throughout the day.

Rupee was quoting at 39.35 against a US dollar. Nymex crude price has softened a bit at $95.65 per barrel.

Top gainers on the Sensex were National Aluminium at Rs 374.85 up 14.48 per cent, Hindalco at Rs 203.90 up by 8.11 per cent and Associated Cement Co at Rs 1,057.85 up 3.25 per cent.

Top losers on the Sensex were Sterlite Industries at Rs 1,002.90 down 5.10 per cent, Unitech at Rs 361.45 down 5.06 per cent and ONGC at Rs 1,236.70 down by 4.37 per cent.

First Published: Nov 08, 2007 18:25 IST