Sensex ends in negative territory

MUMBAI: The stock market benchmark BSE Sensex on Monday ended in the negative territory on weak global cues as well as the disappointing results and equity dilution plans by the country's second-largest lender ICICI Bank.

Shares of ICICI Bank took a severe beating following its last weekend announcement of lower-than-expected Q4 results and plans to dilute equity. The bank had reported a modest four per cent growth in net profit. ICICI Bank scrip ended 7.26 per cent down due to heavy selling pressure.

The Bombay Stock Exchange (BSE) 30-share sensitive index (Sensex), which touched the day's low of 13,693.59, later rebounded to the intra-day high of 13,901.12 before ending the day at 13,872.37. This is a net loss of 36.21 points or 0.26 per cent from from Friday's close of 13,908.58.

The broader S&P CNX Nifty of the National Stock Exchange (NSE), however, recovered by 4.40 points or 0.11 per cent to close at 4,087.90 from previous close of 4,083.50 points.

Retail investors and mutual funds were believed to be heavy buyers in the concluding 30 minutes of the session.

Heavyweighted counters including Infosys Tech, RIL, SBI, Tata Steel, Satyam Computers, L&T, Reliance Communication, TCS Ltd and Hero Honda registered smart gains, aiding the market's recovery at the fag end.

Hong Kong's Hang Seng dropped by 207.52 points, Japan's Nikkei by 2.76 points and Singapore's Straight Times by 37.31 points.