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Sensex sheds 190 points

MUMBAI: The stock market on Tuesday collapsed from the day’s high and even ended 190 points lower in volatile trade on heavy profit sales by investors and a slowdown in FII activity.

Operators and foreign institutional investors (FIIs) were heavy sellers after the benchmark Sensex touched a high of 19919.34 in the first half of the session.

Finally, the Bombay Stock Exchange barometer ended the day at 19400.67, a net fall of 190.11 points from Monday’s close of 19,590.78.

The broader S&P CNX Nifty of the National Stock Exchange also fell by 60.80 points to close at 5786.50 against the previous close of 5847.30. Sensing trouble with fresh worries over sub-prime mortgage problems in world markets, retail investors along with FIIs resorted to heavy profit selling at higher levels, market players said.

Asian markets, however, showed a mixed trend. The Shanghai Composite ended 1.74 per cent lower and the Hang Seng was up by 1.71 per cent.

Reliance Communication, SBI, ICICI Bank, L&T, HDFC, Tata Steel, Reliance Industries, Bharti Airtel, Grasim, Maruti Udyog, Satyam Computer and Tata Motors registered sharp losses.

Shares of Reliance Energy, however, remained strong throughout and ended with marked gains on indication that the company may emerge as the highest bidder for an estimated Rs. 4,000 crore metro line project in the national capital.

Index counters such as BHEL, Bajaj Auto, Hindalco, Dr Reddy’ Lab, ACC, NTPC and Hind Unilever were other smart gainers.

The rupee on Tuesday ended marginally up at 39.30/31, against the U.S. currency from previous close of 39.31/32, largely due to sales of dollar by exporters in the face of RBI intervention to cap the currency’s surge.

The rupee moved to its day’s high of 39.24 in early trade on the back of initial rally in stock markets and weak dollar overseas.

In a fairly active trade at the interbank foreign exchange market, the rupee moved in a range of 39.24 and 39.34 after resuming firm at 39.28/29 a dollar. — PTI

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