(RTTNews) - The Indian market tumbled on Monday after traders resorted to heavy profit taking due to concerns about stretched valuations amid subdued global markets. The broader market, represented by small-caps and mid-caps, which outperformed market heavyweights in recent sessions, was the worst hit.
Selling was broad-based across the sectors with the exception of IT stocks. IT stocks bucked the declining trend with modest gains on hopes of better revenue following a firming dollar. Realty, metal and consumer durable stocks bore the brunt of the selling pressure.
The BSE Sensex finished near the day's lows at 14,666, down 438 points or 2.90% from its previous close and the S&P CNX Nifty fell 157 points or 3.42% to 4,430.
Among the major decliners, Jaiprakash Associates, DLF and Tata Steel plunged more than 10% each, Reliance Communication plummeted 8.68%, Reliance Infrastructure slumped 8.55%, State Bank of India tumbled 6.76% and Ranbaxy fell 6.45%. Tata Motors, Hindalco, ONGC, Grasim Industries, ACC and ITC were the other prominent losers.
On the other hand, outsourcers Wipro advanced 3.36%, Infosys gained 2.52%, TCS added 2.29% and defensive FMCG stock Hindustan Unilever edged up 0.14%.
Indiabulls Financial Services tumbled 4.62% on reporting a 82.68% decline in its consolidated net profit for the FY09. Dish TV plunged 16.39% after its founders raised Rs.269.5 crore by selling around 5.8% stake in the company via block deals on the stock exchanges at Rs.49 a share.
Oil-explorer Reliance Industries slipped 1.04%, Cairn India tumbled 5.29% and ONGC fell 5.59% after crude oil fell by more than $1.50 to below $67 a barrel in Asian trading on Monday State-run oil-marketing companies such as HPCL, BPCL and IOC also ended down deep in the red.
Cable television firm Wire and Wireless plunged nearly 10% after it decided to raise Rs.192 crore via issue of non-convertible debentures on a private placement basis from institutional investors. Trailer maker ANG Auto closed up 0.18% after it entered into a joint venture with TowerWorx USA to produce and market mobile tower solutions in the country.
Camlin Fine Chemicals slipped 0.09% on reports that it has floated three new subsidiaries to diversify into the power, alternative medicines and industrial-grade specialty chemicals businesses.
Shipping Corporation of India slumped 9.44% after the company singed a contract with Cochin Shipyard for acquisition of two 120 tons bollard pull anchor handling, towing and supply vessels. KGN Industries was locked at the 5% upper circuit limit after its board approved a 10-for-1 stock split.
