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Updated: 19/08/2008 | 04:02 PM IST
Markets end weak, banking recovers
Abhinandita Banerjee
Tuesday, August 19, 2008 (Mumbai)
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The markets ended weak on Tuesday with the BSE Sensex, shedding 0.7 per cent or 102 points, to close at 14,543 levels.

In the broader markets, Nifty also dropped 0.6 per cent to 4368 levels.

The investors’ sentiment was largely subdued during the day with the key indices remaining range bound.

“Markets will remain range bound in August. I see Nifty trading between 4550-4200 in this period,” said Amitabh Chakraborty, President, Religare Securities.

While buying was evident in banking, oil & gas, capital goods and realty stocks, selling was visible in consumer durables, technology, auto and metal counters.

“Investors at this stage should invest in midcap stocks with a medium term perspective in mind. I am particularly bullish on Apollo Tyres and Chambal Fertilisers,” said Sanjay Surekha, VP (technical research), Microsec.

ACC, shedding 5.8 per cent, was the biggest loser among the BSE-30 scrips. Other prominent losers in the group were Housing Development Finance, Maruti and Satyam. 

Key Asian indices also plunged on Tuesday. Hong Kong’s Hang Seng, South Korea’s Kospi and Japan’s Nikkei ended in the red by over 1.7 per cent each.

Consumer durables slide, banking recovers

The BSE consumer durable index, losing 45 points or 1.2 per cent was the biggest loser among the sectoral indices. Videocon, Titan and Lloyd Electric & Engineering were the prominent losers in the group. The BSE banking index recovered from its bearish run and gained 0.7 per cent to end at 6931.

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