The Sensex resumed with a small positive gap of seven points at 6,601. After touching an intra-day high of 6,609 in early trades, the market exhibited a sluggish trend till early noon trades following lacklustre trading in old and new economy stocks.
The markets, however, witnessed a steep fall in mid-noon trades, and the index slumped to an intra-day low of 6,534 on all-round selling pressure.
Fresh buying in late noon trades in select heavyweights saw the Sensex pare its losses, and finally end the session with a loss of 16 points at 6,578.
The Nifty lost seven points to close at 2,063.
HLL plunged 3.99% (Rs 6) to Rs 154 ahead of its results on Friday. ONGC slipped a per cent (Rs 6) to Rs 818, and Zee dropped 3.71% (Rs 6) to Rs 150.
While HDFC Bank slipped 1.55% (Rs 9) to Rs 579, SBI closed down a per cent (Rs 4) at Rs 648. ICICI Bank, however, on fresh buying towards the fag-end advanced 2.17% (Rs 8) to Rs 375.
HDFC succumbed to heavy losses and tumbled 2.83% (Rs 23) to Rs 791. While Bharti remained weak through the session and lost 2% (Rs 4) to Rs 205, Hindalco lost 1.46% (Rs 20) to Rs 1,357.
Reliance Energy was down a per cent (Rs 6) at Rs 569. Reliance firmed up towards the closing hours and clocked a per cent gain (Rs 5) to Rs 542. ITC was up Rs 2 at Rs 1,330 after remaining weak for better part of the trading session.
Tata Power flared up 2.59% (Rs 10) to Rs 402, while BHEL added 1.65% (Rs 13) to Rs 812.
Infosys closed up a notch at Rs 2,044. Wipro and Satyam ended a per cent lower each at Rs 684 (down Rs 7) and Rs 402 (down Rs 4), respectively.
ACC continued with its north-bound trend and moved up 1.38% (Rs 5) to Rs 379. Grasim and Gujarat Ambuja ended off-gains at Rs 1,350 and Rs 453, respectively.
Ranbaxy, Dr. Reddy's and Cipla finished with marginal gains at Rs 1,044, Rs 741 and Rs 275, respectively.
Hero Honda was up Rs 2 at Rs 531, and Tata Motors closed up a notch at Rs 500. While Maruti dipped 1.40% (Rs 7) to Rs 481, Bajaj was down Rs 2 at Rs 1,070.
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