Sensex Ends in Red.

Deceleration in FII inflows, subdued global markets prompt 75-point drop in Sensex 

Figures indicating a slowdown in FII inflow in the past few days and a subdued to weak trend in global markets triggered profit taking on the domestic bourses today. A host of small- and mid-cap stocks moved lower, and some side counters like Voltas and GE Shipping proved volatile.

Select stocks made headway on renewed buying in an otherwise weak market.

ICICI Bank was the subject of a sell-off after the private sector bank said it would consider further issue of equity capital in a board meeting on 13 October 2005. Index heavyweight Reliance Industries (RIL) turned out volatile, oscillating between positive and negative territory.

Software major Infosys managed a rebound from the lower level as the company is expected to come out with buoyant Q2 results. Refinery stocks moved upstream following a sharp fall in global crude oil prices. Buying was conspicuous in bearings manufacturers, in select IT stocks, and some power-equipment makers.

Three PSUs – HTM, ITI and MTNL - surged. All the three stocks rose on high volume.

Zee Telefilms spurted on high volume. Stocks like Mahindra & Mahindra, NIIT, GSFC, Kennametal Widia, Agro Tech Foods, Amtek Auto, Rallis India, Bharat Gears, Amtek India, iGate Global Solutions, Sri Adhikari Brothers, Kinetic Engineering, MM Forgings, Shanthi Gears, FAG Bearings, BASF India, Dabur Pharma, Tamil Nadu Newsprint, Wartsila and Blue Dart Express rose between 3% to 8% for the day.

The 30-share BSE Sensex lost 75.49 points or 0.8% to 8,724.47.

Asian and European stocks slipped on Wednesday in line with their US peers after comments from three Fed officials made it clear that the US central bank will keep raising interest rates to keep inflation at bay.

Turnover declined on BSE. BSE clocked a turnover of Rs 3,336 crore compared to Tuesday’s Rs 3,835 crore.

ICICI Bank plunged 4.4% to Rs 563.50. 6.7 lakh shares changed hands in the counter on BSE.

ITC lost 3.5% to Rs 131.75. The stock declined on huge volume of 69.5 lakh shares.

The launch of its first scooter model failed to boost Hero Honda. The stock lost 1.4% to Rs 752.05.

Hindalco shed 1.7% to Rs 150 and Tata Steel lost 2% to Rs 423.75.

RIL lost 0.5% to Rs 801.55. 17.4 lakh shares changed hands in the counter on BSE.

Media major Zee Telefilms jumped 6% to Rs 186.80. The stock rose on high volume of 36.3 lakh shares. Zee said on Tuesday it has appointed Jagjit Singh Kohli as the CEO of Siticable Network Ltd, a subsidiary of the company. Jagjit Singh Kohli is a cable industry veteran with 20 years experience in various capacities. Kohli founded INCablenet, and pioneered the corporatisation of the cable industry and the MSO concept.

Software bellwether Infosys rose 0.8% to Rs 2,651.55.

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