New Delhi: In a disappointing close, the markets ended in red near the lowest point of the day. The global cues were not very encouraging as well.
The benchmark BSE Sensex fell 145 points on Thursday as funds and retail investors booked profits in heavyweight stocks, influenced by weak trends in other Asian markets.
The BSE-30 share Sensex, which had lost 90.46 points on Wednesday, fell 145.15 points, or 1.01 per cent at 14,218.11 at the close of trading today. Earlier, it touched the day's high of 14,389.66 and a low of 14,174.05.
Similarly, the wide-based index NSE Nifty fell 41.30, or 0.97 per cent, to 4,204.90 points. The index moved between 4,250.85 and 4,189.05 in intra-day trading.
Broader markets have performed a shade better. Breadth was quite weak but midcap and smallcap were not hit as badly.
Heavy selling pressure was seen in banking, metal and oil & gas stocks. However, select technology, HLL, media stocks closed in green.
Market observers said the reported remarks of former US Federal Reserve chairman Alan Greenspan warning of a possible "dramatic contraction" in Chinese share prices triggered a sell-off in heavy-weight stocks on domestic bourses.
They said selling by retail investors at higher levels to raise funds for the forthcoming big IPOs from several companies including real estate major DLF, also negatively impacted trading sentiments.
The draggers were oil and gas, metals and banking sector stocks.
The stocks of Reliance Industries Ltd, the country's most valuable company, fell by Rs 30.35, or 1.7 per cent to Rs 1,725.40 while ONGC, the country's largest oil producer, dropped by Rs 9.85, or 1.1 per cent to Rs 902.80. The two stocks account for about 18 per cent of the Sensex's weight.
Steel stocks were also under pressure and leading the downtrend was Tata Steel. The Steel Mininstry has said that there is no question of steel prices rising as of now.
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