Indian stocks extended losses for the fourth consecutive session amid negative cues from global markets. The Sensex fell 230 points to 16,052 and the Nifty lost 75 points to end at 4,750.
“The markets were very jittery and were not able to sustain the intraday pullbacks. The Nifty has a strong resistance at 4,950 levels. However, some buying interest may emerge at 4,600,” said Devang Visaria, an investment consultant.
Realty, metal and banking stocks led the decline on the bourses today. The realty index on the BSE plunged 6.4 per cent. IBREL fell 9.3 per cent and Unitech lost 7 per cent.
The BSE metal index dropped 2.6 per cent and the banking index was down 2.5 per cent. In the metal space, Ispat Industries shed 5.3 per cent and JSPL slid 4.2 per cent.
Bank of India was the biggest loser in the banking space. The stock plunged 12.3 per cent to Rs 357. The bank today reported 51 per cent decline in its net profit at Rs 176.04 crore for the second quarter ended September 30, 2009.
Among the Sensex stocks, DLF fell 6.8 per cent to Rs 375. RCom closed down 6.4 per cent at Rs 189. ICICI Bank and JP Associates were the other big losers, down over 4 per cent each.
M&M, however, was the biggest gainer in the group. The stock jumped nearly 4 per cent to Rs 927. The company today reported a net profit of Rs 843.6 crore for the second quarter ended September 30.
Asian stock markets fell for a third day on Thursday after signs of weakness in the U.S. housing market added to fears about the health of the global economic recovery.
Hong Kong, Shanghai, Sydney and Taiwan all declined 2 percent or more after a U.S. government report showed new home sales fell unexpectedly in September for the first time since March. That fueled fears the housing rebound was driven solely by government policies that are being withdrawn before the private sector recovers.
Tokyo's Nikkei 225 index dropped 183.95 points, or 1.8 percent, to 9,891.10 while China's benchmark Shanghai Composite Index shed 2.3 percent to 2,960.47.(With inputs from agencies)