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Indian markets slip by a percent - March 26, 2007 - Closing bell

March 26th, 2007

The markets closed in the red primarily because of selling witnessed in the last hour of trade. NIFTY closed at 3819.95 losing 41.10 pts (-1.06%). BSE opened at 13,345.73 this morning, touched an intraday low of 13,090.80 and lost 161.61 points by closing time (-1.22%). Almost all indices, including sectoral indices fell down. Auto, Bankex, Capital Goods, IT lost over a percentage point while others lost marginally. Metal and Consumer Durable stocks closed at almost the same place where they started the day.

Nifty 50 gainers of the day are MTNL, HPCL, Satyam Computers, OBC (all +1%), ONGC, Tata Steel, Siemens, IPCL and Reliance Communications (partially in the green). Nifty 50 losers list will have top stocks such as Tata Motors (-4.6%), HDFC Bank (-3.75%), Dabur, Wipro, Jet Airways, Maruti, Suzlon, TCS (all -2%) along side National Aluminum and Reliance (both -1.9%).

Tata Motors seems to be the worst hit today. The script reached an intraday high of 790.90 and intraday low of 745.00 before closing at 752.55.

Banking and IT stocks are on a roller coaster today and slipped into the red after time progressed. Only 2 of the 12 scripts of the Bank Nifty managed to advance. Corporation Bank (+3.8%) and OBC (+1.3%) closed in the green while Syndicate Bank (-5%), HDFC Bank, Union Bank (-3%), ICICI Bank and Bank of Baroda (both -1%) closed in the red. ICICI Bank counter opened at 899.00, touched high of 907.20 and low of 870.00 during the day to close at 875.70.

In the CNX IT, 12 out of 20 stocks of CNX IT took the declines route. CNX IT Gainers of the day include Financial Technologies (+5%), HTMT, HCL Insys, IFlex and Satyam Computers (all +1%). However CMC (-4%), MPhasis, Polaris, GTL (-3%) and Wipro (-2%) closed in red.

On the forex front, USD/INR is trading at 43.30

Entry Filed under: Equity Markets, Closing Bell