Mumbai: The Sensex ended Friday's session with a loss of 1 per cent, dragged down by oil & gas, technology, auto and metals sectors.
The initial hour and last hour of trade was quite dramatic, market dropping nearly 200 points on weak global cues, leading to a volatile day of trade.
The 30-share BSE Sensex fell 163.06 points, to close at 15,695.43. Meanwhile, the 50-share NSE Nifty managed to get back above the 4700 in late trade, before closing down 46.40 points at 4,710.05.
According to Sudarshan Sukhani of technicaltrends.com, 4,700 is not a significant technical level right now.
He feels until and unless the Nifty doesn’t close above 4,800 consistently, one can't say that we have started a short-term uptrend.
The first hour of trade was weak post German Chancellor Angela Merkel's comments that "Euro bonds are 'not needed and not appropriate," triggered a wave of negative sentiments. She also ruled out an expanded role for the European Central Bank in fighting the debt crisis." The last hour of trade was bad again after Italian 2-year bond yield hit record high of 7.72 per cent. European markets were trading 0.5 per cent lower, though they recovered from day's low.
Back home, the market was down for 10 out of last 12 sessions, weighed down by endless eurozone fears, sharp depreciation in the Indian rupee resulted outflow of foreign money. The Sensex shed nearly 1900 points in 10 days while for the week - both benchmarks fell 4 per cent each. In the week, the Nifty fell to 2-year low of 4,639.10.
On Friday, the index heavyweights Reliance Industries, Infosys, HDFC, TCS and ICICI Bank were down 1.5-2.6 per cent.
Shares of HUL, Tata Steel, Hero Motocorp, Maruti, Hindalco, Sterlite and JSPL lost 2.5-4 per cent.
However, capital goods majors BHEL and L&T saw huge short covering - both rose 3.4 per cent each. SBI, Coal India and DLF among others gained 1.5-3 per cent.
Airline stocks Kingfisher, Jet Airways and SpiceJet shot up 8-12.5 per cent as Prime Minister Manmohan Singh will hold a meeting with chiefs of all Indian airlines tomorrow to discuss the situation being faced by the cash-strapped carriers and other related issues, reports PTI.
Shares of retail sector companies too were on buyers' radar after cabinet approved 51 per cent FDI in multi-brand retail and 100 per cent in single brand retail. Pantaloon Retail and Vishal Retail surged 16-20 per cent. CESC and Trent rose 8 per cent each. Provogue was up 1.5 per cent and Shopper Stop up 6 per cent.
Advancing outnumbered declining ones by 1589 to 1223 on the BSE. The BSE Midcap Index was up 0.4 per cent and Smallcap up 0.8 per cent.
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