The Bombay Stock Exchange opened on a firm note with a gain of over 200 points in the Sensex and broadly maintained this lead through the morning session.
MUMBAI: Rumours about the happenings in New Delhi's corridors of power played with the sentiments of Dalal Street investors, who caused the stock market to close with two losers for every gainer on Thursday after opening with six gainers for each loser.
The Bombay Stock Exchange opened on a firm note with a gain of over 200 points in the Sensex and broadly maintained this lead through the morning session.
However, the market lost composure in the afternoon trade as news of the Left parties' continued opposition to the nuclear deal trickled in after the central committee meeting of the CPI(M).
Incidentally, the slide on the bourses coincided with a SMS doing the rounds on mobile phones of brokers and other market players that claimed the UPA government would fall within 45 minutes when the Left withdraws its support to the ruling coalition.
"Though the 45 minute deadline passed without any incident in Delhi, the SMS had taken its toll on the bourses, which continued their see-saw ride," a broker said.
The Sensex moved between positive and negative terrains at least 18 times in the last three hours of trading.
Another interesting trend was seen in the market breadth at the BSE and NSE. At the time the trading commenced on the BSE, six stocks opened with a gain for every one stock beginning the day with a loss. As the day progressed, the ratio was maintained till the noon.
However, the market breadth started to deteriorate in afternoon trade, and at about 2:00pm there were an equal number of stocks advancing or declining. At the end of the day, there were about two losers for every gainer.
A total of 905 stocks ended higher at the BSE, while 1,702 stocks closed below the previous day's level.
Similar trend was seen on the NSE, with about 400 stocks closing with gains and over 700 stocks settling below their previous closing.
Earlier at noon, there were more than 900 gainers as against just about 150 losers while the market had opened with just 30 losers as against 350 gainers.
Thursday's Sensex chart shows that after keeping a lead of about 200 points through noon, the slide began and took the Sensex to near Wednesday's close by 1pm.
After a sudden jump of over 100 points within minutes, Sensex again went down and volatility ruled the roost thereafter.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}