BSE Sensex fizzles, ends down 1 percent

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The benchmark 30-share sensitivity index closed at 15,587.62 with 24 components ending in the negative zone. The index dipped to an intra-day low of 15,479.42 from high of 15,770.40.

The Sensex, which vaulted 2.7 percent on Monday closing at 15,757.08, is now down more than 23 percent this year, making it one of the worst performers in Asia in 2008.

Engineering and construction major Larsen & Toubro led the Sensex downslide, slipping 5.09 percent to Rs.2581.30 its lowest close since September 2007. Traders said the stock fell on market concerns that its quarterly earnings will be below forecasts. The stock has fallen more than 38 percent so far this year, after nearly tripling in 2007.

IT majors Wipro, Infosys Technologies and Tata Consultancy Services (TCS) lost 4.60 percent, 2.07 percent and 1.64 percent to end down at Rs.414, Rs.1461.30 and Rs.885.30 respectively.

Sensex heavyweight Reliance Industries (RIL) slipped 1.02 percent to Rs.2381.25, failing to maintain the 3.6 percent gain it clocked on Monday.

Jaiprakash Associates, Tata Steel, Ranbaxy Laboratories and Grasim Industries dropped 4.48 percent, 3.39 percent, 2.71 percent and 2.56 percent to Rs.221.55, Rs.656.30, Rs.470.75 and Rs.2560.40 respectively.

Energy majors NTPC and Reliance Energy slipped 2.12 percent and 1.07 percent to Rs.186.55 and Rs.1150.45 respectively while FMCG majors Hindustan Unilever (HUL) and ITC declined 2.02 percent and 0.95 percent to Rs.247.90 and Rs.208.30 respectively.

Auto majors Maruti Suzuki, Mahindra & Mahindra and Tata Motors plunged 1.91 percent, 1.70 percent and 0.87 percent to Rs.744.20, Rs.602.70 and Rs.627.15 respectively.

Other major losers were Hindalco (down 1.53 percent to Rs.170.30), ACC (down 1.31 percent to Rs.825.35), Cipla (down 1.16 percent to Rs.212.45) and Reliance Communications (down 1.08 percent to Rs.500.55).

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