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Sensex tumbles 182 points

MUMBAI — The market declined sharply in the late trade before recovering from lower level in what was a choppy trading session yesterday.

Though the market breadth was still negative, it improved substantially compared to a weak breadth in mid-morning trade. FMCG, healthcare and consumer durable stocks gained. Banking, metal and capital goods stocks edged lower. Reliance Industries declined.

European markets which opened after Indian market were in green. Asian markets, which opened before Indian markets were mixed yesterday, 18 December 2007. US stocks tumbled on Monday, on concerns about the US economy, amid signs of rising inflation and weakness in holiday shopping.

The 30-share BSE Sensex declined 181.71 points or 0.94 per cent to 19,079.64. It had hit a low of 19,009.35 in late trade. At day's low Sensex lost 252 points. It hit a high of 19,375.07 in early trade. At its day's high Sensex had gained 113.72 points.

India's largest private sector firm by market capitalisation & oil refiner Reliance Industries declined 1.75 per cent to Rs2,728.85. As per reports, Reliance Industries (RIL) has paid advance tax of Rs1045 crore in the third quarter ended on December 15, 2007 compared to Rs440 crore in the corresponding quarter of the previous year.

Reliance Communications (RCom) was down 0.47 per cent to Rs714.40. As per reports it will invest Rs800 crore to roll out a telecom network ó fixed and mobile ó in Uganda, a country in Eastern Africa. The company has bagged a licence to be the African nation's sixth telecom operator. The company plans to launch services in Uganda by Q3 in 2008, the report added.

FMCG majors rose. ITC (up 2.22 per cent to Rs197.85) and Tata Tea (up 1.28 per cent to Rs880.60) edged higher. Hindustan Unilever (down 3.39 per cent to 211.20) edged lower.

Consumer durables stocks rose. Videocon industries (up 0.53 per cent to Rs619.40), Lloyd Electric (up 1.19 per cent to Rs174) and Titan Industries (up 4.99 per cent to Rs1,459.65) edged higher.

Healthcare stocks rose. Sun Pharmaceuticals (up 4.03 per cent to Rs1,137.95), Cipla (up 3.78 per cent to Rs215.75), Dr. Reddy's Laboratories (up 0.09 per cent to Rs717.45), Ranbaxy Laboratories (up 1.05 per cent to Rs410), edged higher.

Metal stocks declined. Tata Steel (down 0.91 per cent to Rs816.35),Sterlite Industries (down 1.76 per cent to Rs959), and Hindalco Industries (down 0.47 per cent to Rs199.70) edged lower. Steel Authority of India was flat at Rs259.75.

Capital goods stocks declined. Bharat Heavy Electricals (down 1.24 per cent to Rs2,395.10) and Larsen & Toubro (down 2.8 per cent to Rs3,967.80) edged lower. Suzlon Energy (up 1.84 per cent to Rs1,861.80) edged higher.

Banking stocks declined. ICICI Bank (down 2.27 per cent to Rs1,140.65), and HDFC Bank (down 1.28 per cent to Rs1,685) edged lower.

State Bank of India declined 0.47 per cent to Rs2,303.70. State Bank of India (SBI) shelled out Rs1090 crore, up 26.7 per cent over the tax it paid in the corresponding period in the previous year.

Maruti Suzuki India (up 0.93 per cent to Rs1,019.65) and NTPC (up 1.66 per cent to Rs232.40) edged higher.

India's largest dedicated housing financing firm by operating income HDFC declined 2.27 per cent to Rs2,812.30.