Mumbai: At close, the BSE Sensex recouped some losses on hopes that the tsunami is unlikely to hit India. Even positive global markets helped Indian indices recover in late trade.
Just as the 8.6 magnitude earthquake hit in Aceh (Indonesia) the BSE Sensex dragged 100 points in afternoon trade on Wednesday. The market started off trade lower on Wednesday, but it recovered after positive opening of European markets.
However, the tsunami warning in Tamil Nadu and Andhra Pradesh etc post earthquake sent the market down again. The BSE benchmark fell 44.44 points or 0.26 per cent, to close at 17,199.40 and the NSE benchmark slipped 16.75 points to 5,226.85.
Tsunami warning was issued in 28 countries including Indonesia, Australia, Singapore, Thailand, India and Maldives. Tremors felt in Kolkata, Chennai, Bangalore, Patna and some other parts of countries.
India Cements, which has large coal sourcing contract in Indonesia, tanked nearly 8 per cent. Power companies like Lanco Infratech, GVK Power and JSW Energy too have minings in Indonesia; these stocks were down 2.5 per cent.
Index heavyweight and oil & gas producer Reliance Industries dropped 1.4 per cent and Bharti Airtel, top telecom operator was down 2.3 per cent.
Tata Consultancy Services, country's largest software services provider fell 1.3 per cent while rival Infosys rebounded with 0.9 per cent gains.
Metals stocks hit quite badly after nearly 4 per cent fall in LME copper on Tuesday; Jindal Steel, Sesa Goa and Sterlite Industries tanked 2-3 per cent. Tata Steel, Hindalco, Sesa Goa and SAIL were down around 1 per cent.
State-owned BHEL tumbled 2 per cent while engineering and construction major Larsen & Toubro was down 0.3 per cent.
However, banks stocks turned positive in afternoon trade and Bankex gained as much as 1 per cent intraday, which closed up just 0.2 per cent. Lenders HDFC Bank, Axis Bank and State Bank of India saw moderate gains while ICICI Bank closed flat. Kotak Mahindra Bank shot up 2 per cent.
The BSE Healthcare Index outperformed the market, rising 0.6 per cent. Drug maker Sun Pharma topped the buying list, rising 2 per cent. Even Dr Reddy's Labs and Ranbaxy Labs gained 1 per cent each.
Public sector companies NTPC and Power Grid gained 1.8 per cent and 1.2 per cent, respectively. FMCG majors HUL and ITC continued their uptrend for second consecutive session, rising marginally.
Aviation companies like SpiceJet and Jet Airways rallied over 5 per cent after the government sources indicated that the draft cabinet note on allowing 49 per cent FDI in air carriers is ready. The note is likely to be put up for cabinet approval shortly.
Kingfisher Airlines gained 6.4 per cent after The Hindu Business Line reported that Mukesh Ambani group's flagship company Reliance Industries is close to buying stake in the company. As part of the deal, Reliance may also get Mangalore Chemicals, in which the UB group has over 30 per cent stake. Mangalore chemicals rose 1.3 per cent.
Declining shares outnumbered advancing by 1510 to 1252 on the BSE. The BSE Midcap Index was down 0.6 per cent and Smallcap down 0.3 per cent.
On the global front, European markets gained 0.5-1 per cent while the Dow Jones futures moved up 82 points.
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