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ShareA gap up opening based on strong GDP numbers from the US was not sustained as markets extended gains for the fifth straight day in a row. The US posted GDP growth of 3.5% for the months between July and September. The markets have fallen 914.43 points since Monday.
This was the longest losing streak for the market in the last eleven months. Last November, the market had fallen 2085.15 points in seven sessions, from 9839.69 on the Sensex to 8451.01.
The Sensex had a gap up opening of 83 points but declined in later trade to end with a loss of 156.44 points, ending the day at 15,896.28. This was the first time in 7 weeks that the market ended below the 16000 mark.
Auto and Banking gained 0.94% and 0.49% respectively. Oil and Gas was down 2.79%, TECk was down 1.93% and Power declined 1.49%.
The Nifty closed at 4711.70. Analysts suggested that 4600 on the Nifty would be a crucial support for the downward slide.
Sterlite topped the list of gainers on the National Stock Exchange, rising 3.39% to close at Rs. 771.10, as the company announced the filing of a red herring prospectus for Sterlite Energy Limited.
ICICI Bank gained 2.75% to end the day at Rs.793.00. The company results beat street expectations to post a year on year growth in profit of 2.5%.
Reliance Capital, Tata Motors and Grasim were among the other top gainers of the day.
On the losing side, Telecom continued its abysmal performance with Rcom, Bharti Airtel and IDEA all figuring in the list of top five losers.
Rcom was down 7.64% while Idea went down 6.92%. Bharti was down 6.19%. Reliance Infra and Suzlon also posted losses.
There were 20 advances and 30 declines among the Nifty stocks on Friday.
