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Market ends 11-day winning streak, Sensex down 70 points

MUMBAI — The market declined yesterday, ending an 11-day winning streak that had taken it to record highs. It had made a smart recovery in late trade from its earlier lower levels in a day of volatile trading. Reliance Industries sprang back into action.

Banking stocks were the major losers. Mid-cap and small-cap indices gained. The market breadth remained negative. Asian markets ended in red, while European markets were trading in green.

The market had opened soft, following weak Asian and US markets. After recovering briefly, it once again sank into red, only to spring back later. The market slipped to its lower levels for the day in mid-afternoon trade.

The BSE 30-share Sensex ended down 69.90 points, or 0.39 per cent, to 17,777.14 points . It had hit a high of 17,890.49 and a low of 17,494.70 during the day. At its day's low, the Sensex had shed 352.54 points. The S&P CNX Nifty closed lower 2.15 points, or 0.04 per cent, to 5,208.65. It had touched a low of 5,126.05 in mid-afternoon trade.

IT stocks declined yesterday. Top software exporters Infosys Technologies (down 0.31 per cent to Rs1,995.10), Wipro (down 1.99 per cent to Rs461.30),Tata Consultancy Services (down 0.12 to Rs1,078.65) and Satyam Computer Services (down 0.12 per cent to Rs450.45) turned weak after the Indian rupee touched a nine-and-a-half-year peak against the dollar on Wednesday. NTPC (up 4.33 per cent to Rs226.40) was the top gainer among the Sensex pack. It hit an all-time high of Rs228.90 yesterday. Other gainers were Tata Steel (up 2.94 per cent to Rs864.75), Cipla (up 2.19 per cent to Rs189.05), Reliance Energy (up 1.89 per cent to Rs1,477.85) and Maruti Suzuki (up 2.1 per cent to Rs1,041.30) edged higher.

The largest private sector company and oil refiner Reliance Industries was up 1.21 per cent to Rs2,422.55.

HDFC lost 3.84 per cent to Rs2,494.65 and was the top loser from the Sensex pack. ONGC (down 3.77 per cent to Rs985.950), Hindalco Industries (down 1.84 per cent to Rs175.70) and Wipro (down 1.99 per cent to Rs461.30) were the other losers from the Sensex pack.

Jindal Steel & Power jumped 16.95 per cent to Rs6,291.75 on reports that it will spend $600 million to build an electricity plant in Turkey.

Ranbaxy Laboratories moved up 0.84 per cent to Rs442.30 on reports that it is planning to hive off research and development of its new chemical entities into a separate company.

Tata Chemical jumped 2.8 per cent to Rs313.75 on reports that its wholly-owned subsidiary Brunner Mond is eyeing forward integration.

Bullion: Precious metals continued to decline on sustained selling at the local bullion market yesterday. Pure Gold shed Rs120 to finish at Rs9,350 per ten grammes and Standard gold also moved down Rs120 to end at Rs9,320 per ten grammes. Silver was unchanged at Rs17,920 per kilogramme.