Markets end lower on profit booking

Markets ended lower on Monday, amid profit taking at higher levels after sharp gains in the previous sessions, weighed down by fast moving consumer goods shares.

The Sensex shed 79 points to close at 18,673 and the 50-share Nifty slipped 21 points to end 5,670. For the most part of the day markets traded in a narrow range. The Nifty has traded in a range of 35 points and the Sensex traded in a range of 160 points.

Meanwhile, the Asian markets closed on a weak note as investors shifted their focus to weak economic fundamentals while monitoring progress in the euro zone debt bailout scheme. The Hang Seng slipped 40 points to close at 2,695 and Nikkei slipped 40 points or 0.4 per cent at 9,069.

The European markets were also trading on a weak note with investors refocusing on the gloomy economic outlook and Spain's unresolved debt crisis as euphoria over global monetary stimulus efforts faded. CAC 40 index was down 45 points or 1.3 per cent at 3,486, DAX slipped 53 points or 0.7 per cent to at 7,398 and the FTSE was at 5,817, down 0.6 per cent or 36.

Back home, HDFC was the top Sensex loser slipping 2.5 per cent to end at Rs 759 on reports that property registrations have witnessed a slowdown in Mumbai. ITC, Hindustan Unilever, ONGC, index heavyweight Reliance Industries, Cipla, NTPC, TCS, Coal India, GAIL India, Tata Motors, Larsen & Toubro and State Bank of India were also among the losers on the Sensex down 0.4-2.2 per cent each.

On the other hand, BHEL was the top Sensex gainer the stocks advanced 6.4 per cent to close at Rs 247. Jindal Steel, Maruti Suzuki, Mahindra & Mahindra, HDFC Bank, Dr Reddy's Labs, Sun Pharma, Hindalco, Wipro and ICICI Bank also advanced 0.7-4 per cent each.

The BSE FMCG index was the top sectoral loser. Index slipped 1.5 per cent or 78 points to close at 5,217. Oil & gas, PSU, teck, healthcare and IT indices also ended weaker by 0.3-1.4 per cent each.

At the same time, BSE power index was the top sectoral gainer. Index has advanced nearly 2 per cent or 34 points to close at 2,024. Realty, capital goods, consumer durables, auto and bankex indices ended up 0.3-1.4 per cent each.

Among the individual stocks, shares of ABG Shipyard were up 10 per cent at Rs 385, ahead of its annual general meeting scheduled for September 27, in which the company has proposed to raise up to Rs 1,000 crore (Rs 10 billion).

Shares of KEC International zoomed nearly 8 per cent to Rs 73.60 after the company said it's three business divisions have won orders worth Rs 602 crore (Rs 6.02 billion) from domestic and international clients.

TTK Healthcare was up nearly 2.5 per cent at Rs 382 after the TTK Group and Reckitt Benckiser on Friday informed the apex court that they are in talks for an out-of-court settlement to resolve the issue over control of their joint venture.

GVK Power and Infrastructure rallied 7.75 per cent to Rs 14.73 on reports that the company controlled Mumbai International Airport sought hike in aeronautical tariffs.

The broader markets outperformed the benchmark indices. The BSE mid-cap index was up 0.3 per cent to end at 6,454 and the small-cap index advanced nearly 1 per cent or 58 points to 6,867.

The overall breadth was positive as 1,694 stocks are advanced while 1,198 declined.