Sensex remains volatile,ends lower

In choppy trade,the Sensex fell for the second day in a row with a moderate loss of 2 points.

In choppy trade,the Bombay Stock Exchange benchmark Sensex fell for the second day in a row with a moderate loss of 2 points as funds continued to shuffle their portfolios.

The Sensex,which had lost 196 points in the previous day’s trading and a further 310 points in early trade on Tuesday,closed the day at 14,324.01,lower by 2.21 points.

However,the 50-share National Stock Exchange index Nifty,which moved between 4,143.2 and 4,267.45 during the day,ended 11.75 points higher at 4,247.00.

Story continues below this ad

Trading sentiment was dampened as global markets recorded heavy losses after the World Bank forecast a deeper global recession than estimated earlier,reducing demand for commodities.

Banking,metal and consumer durables stocks led the fall while refinery and power stocks prevented a major decline.

ICICI Bank fell 4.05 per cent to Rs 697.45 and HDFC Bank by 3.55 per cent to Rs 1,485.55.

Market-heaviest Reliance Industries gained 3.26 per cent to Rs 2,016.05,and ONGC 3.30 per cent to Rs 1,026.45 on news of the PSU’s gas discoveries in the KG basin.

Story continues below this ad

The banking sector index suffered the most,losing 2.14 per cent to 7,950.32,followed by the metal index,which lost 1.52 per cent to 10,612.02 as Sterlite Industries dropped after copper prices tumbled the most in four months.