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Sensex declines further

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MUMBAI: The Sensex ended in the negative territory on Monday on weak global cues as well as the disappointing results and equity dilution plans by ICICI Bank.

Shares of ICICI Bank took a severe beating following its last weekend announcement of lower-than-expected Q4 results and plans to dilute equity.

The bank had reported a modest four per cent growth in net profit. ICICI Bank scrip ended 7.26 per cent down due to heavy selling pressure.

The 30-share sensitive index, which touched the day's low of 13693.59, later rebounded to the intra-day high of 13901.12 before ending at 13872.37, a net loss of 36.21 points or 0.26 per cent from from Friday's close of 13908.58.

The S&P CNX Nifty, however, recovered by 4.40 points or 0.11 per cent to close at 4087.90 from 4083.50 points.

Retail investors and mutual funds were believed to be heavy buyers in the concluding 30 minutes of the session.

Infosys Tech, Reliance, SBI, Tata Steel, Satyam Computers, L&T, Reliance Communication, TCS and Hero Honda registered smart gains, aiding the market's recovery at the fag end.

Reflecting a sharp fall in shares of ICICI Bank and a few others, the BSE Bankex dipped by 203.99 points or 2.88 per cent to 6882.89 from 7086.88.

Market breadth, however, turned positive with 1,403 gainers against 1,071 losers. Trading volume was relatively low at Rs. 3,282.22 crore against Rs. 3,770.65 crore on Friday.

Reliance moved up by Rs. 21.90 to Rs. 1,560.10, Tata Steel by Rs. 11.95 to Rs. 549.60, SBI by Rs. 6.45 to Rs. 1,105.25, Wipro by Rs 5.20 to Rs. 571.25, L&T by Rs. 14.20 to Rs. 1,696.40, Infosys Tech by Rs. 42.55 to Rs. 2,049.35, Reliance Comm by Rs. 16.95 to Rs. 477.10, Maruti Udyog by Rs. 8.10 to Rs. 803.10, HDFC Bank by Rs. 9.65 to Rs. 1,026.15, Grasim by Rs. 21 to Rs. 2,442.35, TCS by Rs. 31.25 to Rs. 1,265.70, Satyam Computer by Rs. 5.85 to Rs. 473.10, ACC by Rs. 16.95 to Rs. 838.85 and Hero Honda by Rs. 15.40 to Rs. 683.60. However, ICICI Bank fell by Rs. 67.75 to Rs. 865, ONGC by Rs. 17.40 to Rs. 911.90.


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