Sensex tests 18k but Nifty holds strong

Mumbai: The benchmark Sensex slipped below the 18,000 level - a psychologically important level at 14:30 hours. Traders could be withdrawing money by selling shares as foreign money started going out since January. Foreign investors were net sellers of Rs 6,000 crore in January; they too were net sellers for last three days.

Indices hit five months low on Tuesday on the back of consistent sell-off for 5th consecutive session. However, the Nifty managed to hold back the 5400-mark.

All sectoral indices were under selling pressure. The Realty Index always hit the most due to panic selling - down 3.7 per cent. FMCG, Auto, Oil & Gas and Capital goods indices were down 2-2.6 per cent. Healthcare, Power, IT, Bank and Metal Indices fell 1-1.5 per cent.

The 30-share BSE Sensex was trading at 18,023, down 305 points and the 50-share NSE Nifty tanked 95 points to 5,411, after hitting a low of 17,997.80 & 5,403.05, respectively. The broader indices too lost 1.5 per cent.

However, indices managed to show some recovery immediately due to buying in HDFC, Sterlite, ONGC and Hindalco. Buying at lower levels too helped in recovery.

Heavyweight Reliance Industries tumbled below Rs 900, down 3 per cent. Tata Motors was the top loser on Nifty with 6 per cent fall. JSPL and BPCL went down over 4 per cent.

NTPC, ITC, ICICI Bank, L&T, Wipro, Infosys, Reliance Communications, Kotak Mahindra Bank and Tata Steel lost 1.7-2.5 per cent. TCS, SBI, HDFC Bank and BHEL declined 0.5-0.8 per cent.

In midcap space, Apollo Tyres, Novartis India, Sadbhav Engg, Uttam Galva and Hathway Cable went up 3.6-5 per cent. However, Jain Irrigation plunged 16.3 per cent. SpiceJet, Escorts, GVK Power and Kingfisher Airlines fell 7.5-11 per cent.

In smallcap space, Ruchinfra surged 14.51 per cent. Nagarjuna Agric, OCL India, Chromatic India and Kanani Industries gained 5-9 per cent. However, Gemini Comm, Surana Ind, Delta Corp, Lok Housing and Relaxo Footwear slipped 8-10 per cent.

About 394 shares advanced as against 913 shares declined on National Stock Exchange.