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Indian Markets close lower as selling continued in afternoon session

May, 31st 2008
After a strong start, Indian markets ended lower on Thursday. NSE Nifty opened at 4926 and touched an intraday high of 4957. In the afternoon session, selling pressure was witnessed in many heavyweight counters. NSE Nifty touched an intraday low of 4801 and closed at 4918. BSE Sensex closed 209 points lower at 16,316. The top gainers on NSE were Larsen & Toubro, Satyam Computers, Cipla, Reliance Communications, National Fertilizers and Aventis Pharmaceuticals. L&T announced decent growth in the fourth quarter. The board of directors recommended bonus issue. Every shareholder will get 1 bonus share for 2 shares held. Among major losers were Tata Motors, Mphasis, Ambuja Cements, M&M and Suzlon Energy. Auto major M&M lost 5.5%. Banking stocks were down as well including Allahabad Bank, Bank of India, SBI, Indian Bank and Kotak Mahindra Bank. Suzlon Energy is hovering around its 52-week low. As oil prices remain firm, global stock markets are showing signals of weakness. Indian markets may close lower on Friday if the US markets remain range-bound on Thursday.