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Updated: 18/08/2008 | 04:45 PM IST
Metal, oil drag markets down, Hindalco dips 4.5%
Abhinandita Banerjee
Monday, August 18, 2008 (Mumbai)
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The markets ended weak on Monday on account of heavy selling pressure on oil and gas, metals and auto stocks. The benchmark BSE Sensex, dropped 78 points or 0.5 per cent to close at 14,645 levels.

In the broader markets, Nifty also ended in the red. It lost 0.8 per cent or 37 points to end at 4393 levels.

Heavy selling was evident across all counters barring IT. Oil and gas, metal and auto stocks led the decline.

“In the short term, markets could trade in range but around October-November there may be change in investor sentiments. Crude may be down but monsoon has changed in last 15 days for better. Inflation will peak out and all these things will positively impact the market,” said investment strategist Gul Teckchandani.

Hindalco Industries, shedding 4.5 per cent, was the biggest loser among the BSE-30 scrips. Other prominent losers in the group were Grasim, RCom and M&M. Housing Development Finance, gaining 3.1 per cent, was the biggest gainer in the pack.

The Asian markets closed weak on Monday. Most of the indices ended in the red. While Hong Kong’s Hang Seng and South Korea’s Kospi closed in the red zone  by 0.3 per cent each, Japan’s Nikkei ended in the green turf by 1.1 per cent.

Oil&gas, metals lead decline

The BSE oil&gas index, losing 200 points or 2 per cent was the biggest loser among the sectoral indices. GAIL India was the biggest loser in the sector, shedding 5.6 per cent. The BSE metal index, was also down 1.8 per cent or 229 points. 
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