Markets slip on retail-FDI logjam

The markets ended with notable losses on Tuesday as demand for rollback of FDI in retail sector got louder.

The parliament was adjourned for the sixth day in a row this winter season, as the opposition, including some UPA allies, stuck on stance for a rollback of the proposed FDI in retail.

The Sensex slipped to a low of 15,953 in noon deals, and eventually ended with a loss of 159 points or a per cent at 16,008.

The broader markets also ended with marginal losses, the BSE Mid-cap index was down 0.6% at 5,665, and the Small-cap index was down 0.2% at 6,142.

The NSE Nifty settled with a loss of 46 points at 4,805.

Elsewhere in Asia, the markets ended on a firm note for the second consecutive day.

The Nikkei and Seoul Composite indices surged over 2% to 8,478.

The Hang Seng, Shanghai and Taiwan rallied over a per cent each.

Meanwhile, markets in Europe recovered after a rather tepid start. At 1535 hrs, the FTSE was down marginally by 0.3%, while the CAC and the DAX had rebounded into the positive territory.

Back home, Bharti Airtel was the top loser, down nearly 4% to Rs 373. Jindal Steel and DLF plunged over 3% each to Rs 492 and Rs 203, respectively.

Sterlite, Reliance, Tata Power, Tata Motors and ICICI Bank were the other major losers.

On the other hand, Bajaj Auto rallied 2% to Rs 1,649. Mahindra &

Mahindra and Hero MotoCorp were also up over a per cent each. Hindustan Unilever, Cipla and ITC were the other notable gainers.

In the broader markets, DB Realty zoomed nearly 9% to Rs 77 after Shahid Balwa was granted bail in the 2G case.

Eros International Media, DB Corp, Wockhardt, Hindustan Oil, Dish TV and Jyothy Labs were the other major gainers in the mid-cap space.

Protests with regards to the FDI in retail, saw Pantaloon Retail top the losers list in the mid-cap space. The stock slumped almost 12% to Rs 197.

Balrampur Chini, Financail Technologies, Shree Renuka Sugars, Alstom Projects, Kwality Dairy and SKS Microfinance were the other major losers.

Among sectors, the BSE Realty index plunged 2.3% to 1,586. The Bankex and the Oil & Gas index too were down nearly a per cent each at 9,911 and 8,022, respectively.

HDIL and Oberoi Realty were the major loser in the realty space, down over 4% each at Rs 64.40 and Rs 219, respectively.

Unitech, Phoenix Mills, DLF and Indiabulls Realestate were also down over 3% each.

DB Realty, Sobha Developers, Parsvnath Developers and Godrej Properties however managed to end with gains.

Among banks, Canara Bank and Punjab National Bank ended with losses of 4% each. Bank of Baroda, Union Bank, IDBI Bank, IndusInd Bank and Kotak Mahindra Bank were the other major losers. There were no gainers in the BSE Bankex today.

The market breadth too was negative. Out of 2,852 stocks traded on the BSE, 1,515 declined while 1,219 advanced.