Overview Of Todays market-Downtrend

Among the sectoral indices on BSE, the IT index finished with a small gain. The Power index, the biggest loser today, nosedived 8.61%. The Oil & Gas barometer lost a little over 7%. The Bankex, Consumer Durables, Capital Goods, FMCG, Metal, PSU and Realty indices lost 3% - 6.5%. BSE Auto (down 3.39%), Healthcare (down 3.16%) and Teck (down 2.38%) also declined sharply.

IT majors Satyam Computer Services (3.4%), Infosys Technologies (0.5%), Tata Consultancy Services (0.4%) and Wipro (0.25%) were in demand today. Maruti Suzuki, the only other Sensex component to close on the positive side, gained a little over a per cent.

All stocks from the Reliance pack got hammered today. Reliance Energy went down by as much as 19.4% to Rs 1582.30. Reliance Communications lost 8.6%. Reliance Industries lost a little over 6%.

Hindustan Unilever(down 7.45%), Mahindra & Mahindra (down 7.4%), NTPC (down 6.7%), Ranbaxy Laboratories (down 6.7%), State Bank of India (down 6.65%), Larsen & Toubro (down 6.1%), ITC (down 6%), BHEL (down 5.75%), ONGC (down 5.6%), ACC (down 5.35%), Bajaj Auto (down 5.25%) and HDFC (down 5.2%) declined sharply.

Hindalco, Cipla, Bharti Airtel, Tata Steel, ICICI Bank, Ambuja Cements, DLF, Grasim Industries, HDFC Bank and Tata Motors lost 2% - 5%.

Tata Power closed with a big loss of 11.45%. Unitech lost 10.45%. GAIL India ended lower by 9.3%. SAIL, Reliance Petroleum, Nalco and Idea Cellular dropped down by 7% - 8% today. Sterlite Industries, BPCL, Suzlon Energy, Hero Honda, Punjab National Bank, Cairn India, Dr. Reddy's Laboratories, ABB and Sun Pharmaceuticals also closed with sharp losses.

VSNL, which rose to a high of Rs 497.50 in intra-day trades, ended at Rs 481.65 with a handsome gain of 8.75%. Zee Entertainment (2.4%) and GlaxoSmithKline Pharma (1.15%) also bucked the trend and posted smart gains.

Reliance Power, which had a disastrous debut, went down by 17.25% from its issue price to Rs 372.30. On the National Stock Exchange, around 134.3 million shares were traded at the Reliance Power counter today.

Lanco Infratech, Orchid Chemicals, HDIL, Hinduja Ventures, Jindal Steel, Rolta India, MphasiS, Reliance Capital, Mangalore Refineries & Petrochemicals, Spice Telecom, Welspun Gujarat, Ispat Industries, Jet Airways, Puravankara Projects, Edelweiss Capital, Polaris, India Cements and Century Textiles were some of the big losers in BSE 'A' Group today.

Stocks from midcap and smallcap segments were also down again. Mirroring the sell-off, the Midcap index went down by 5.42% and the Smallcap went down upto 4.84%.