Market snaps two-day rally, ends 75 points down

A benchmark index for Indian equities closed 75 points down in volatile trade Friday, snapping a two-day relief rally. Selling pressure was dominant in power, metal and banking stocks.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in the positive at 15,863.43 points, slipped into the negative zone in the last hour of trade and ended at 15,738.70 points, down 0.47 percent or 74.66 points from its previous close at 15,813.36 points.

The Sensex had touched a high of 15,911.23 points and a low of 15,671.28 points intra-day.

The benchmark Sensex has closed in the negative territory for the first time in last three sessions. The index had gained 638 points in the previous two sessions.
The 50-scrip S&P CNX Nifty of the National Stock Exchange also ended in the red after two days of rally. The Nifty closed 0.42 percent down at 4,714 points.

There was selling pressure in consumer durables, oil and gas, banking and metal stocks. The BSE banking, oil and gas and consumer durable indices declined by over one percent.
Major Sensex losers were NTPC, down 3.24 percent at Rs.158.50; Jaiprakash Asso, down 2.37 percent at Rs.53.45; Tata Steel, down 1.99 percent at Rs.346.60; Bharti Aritel, down 1.79 percent at Rs.329.45; and Jindal Steel, down 1.73 percent at Rs.483.

However, there was buying support for capital goods and auto stocks.
Prominent Sensex gainers were BHEL, up 2.25 percent at Rs.243; L&T, 1.25 percent higher at Rs.1,022; Maruti Suzuki, up 1.20 percent at Rs.979; Wipro, up 1.08 percent at Rs.401; and Mahindra and Mahindra, up 0.82 percent at Rs.699.

Other Asian markets ended mixed. Japan's Nikkei closed 0.77 percent down at 8,395.16 points. However, Hong Kong's Hang Seng climbed 1.37 percent at 18,629.17 and China's Shanghai Composite index closed 0.85 percent higher at 2,204.78 points.

European markets were trading in the positive. Britain's FTSE 100 was ruling 0.98 percent higher, German DAX index was up 0.44 percent and French CAC 40 index was trading with a gain of 1.30 percent in afternoon trade.