Markets end weak ahead of F&O expiry

[dk2424]

Wednesday, July 25, 2007 (Mumbai):

The markets ended weak ahead of F&O expiry on Thursday with the benchmark index slipping 0.6 per cent or 95 points to settle at 15,699 levels.

In the broader markets, the Nifty shed 0.7 per cent or 32 points. It closed at 4,588 levels.

"I expect the FMCG stocks to move up in the times to come. Colgate-Palmolive, ITC Limited and Hindustan Unilever are good bets in this space," said MB Singh, Technical Analyst, technicaltradersofindia.com.

Leading the pack of losers at the Sensex was Satyam Computer. It tanked over six per cent or Rs 31. Ambuja Cements, ACC, Bajaj Auto, Larsen & Toubro, Tata Motors, TCS, Mahindra & Mahindra, Reliance Communications and Hindalco also lost ground.

However, ITC Limited at Rs 165 levels zoomed 8.9 per cent on the back of strong volumes. NTPC, ONGC, Bharti Airtel, Hindustan Unilever and Infosys Technology also managed to stay afloat.

Autos in reverse gear

After two consecutive days of surge, the capital goods scrips witnessed selling pressure on Wednesday. The BSE capital goods index slipped 2.5 per cent or 338 points.

Thermax, SKF Bearings, BEML, Siemens India, Alfa-Laval, Bharat Electronics, Crompton Greaves, Aban Offshore, Dredging Corporation, ABB and Lakshmi Machine Works lost ground besides BHEL.

Among auto counters, Apollo Tyres, Amtek Auto, Bajaj Auto, Tata Motors, Bharat Forge, Exide Industries and MRF Limited closed in negative turf besides Mahindra & Mahindra.

Canara Bank (down 4.8 per cent), Andhra Bank (down 4.2 per cent), Indian Overseas Bank (down 2.6 per cent), Bank of Baroda (down 2.3 per cent), Punjab National Bank (down 1.9 per cent) and Kotak Mahindra Bank (down 1.4 per cent) were some of the top losers in the banking space.

Cement counters too came under heavy selling pressure. India Cements at Rs 204 levels shed 8.6 per cent or Rs 19. Mysore Cements, Shree Cements, Birla Corp, Prism Cement, Ultratech Cemco, Dalmia Cement and ACC also lost ground.

Pockets of green

Gains in the FMCG space were led by ITC Limited. The BSE FMCG index moved up 3.9 per cent or 72 points. It was the biggest gainer among sectoral indices.

Hindustan Unilever, Colgate-Palmolive and Dabur India also held firm.

Dish TV, ENIL, Zee News, Galaxy Entertainment and Zee Entertainment logged gains in the media and entertainment space.