Post Market: Correction continues

Earnings Update
Mahindra & Mahindra announces Q2 results
Punjab National Bank announces Q2 results
Tata Chemicals announces Q2 results
HDIL's net profit down by 44%
Bank of India announces Q2 results
Corporation Bank announces Q2FY2010 numbers
Cipla announces Q2FY2010 numbers
Events outcome
Inflation for the week at 1.51% higher than 1.21% in the week before.
Market Commentary
In wake of the correction that continued for the fourth day in trot, the domestic stock market closed further lower. The Sensex slid on the back of negative global cues doubled with heavy selling in realty, metal and banking stocks. The day started with heavy overnight losses for the US and European markets that ended almost 2% lower. However all the major Asian indices closed in red today with losses in the range of 0.22-2.37% each. Besides, SGX Nifty that traded weak, ended the day with loss of 82 points. Even the European indices that opened weak, were trading flat with marginal losses. FTSE 100 was trading at 5078, down 3 points or 0.06% at the time of writing this report.
The stock market back home has been gripped by severe volatility over the last one month or so, and today's trading session was no exception, wherein the Sensex swung by close to 270 points. Even today, the Sensex opened gap-down at 16191, lower by 92 points to its previous close. In the early trades it breached the significant psychological level of 16000 and recorded a low of 15994. However before closing, the market made a smart recovery and made a high of 16264 though it traded in the red all through the day. However, it couldn't sustain the recovery and slipped by 231 points or 1.42% to close at 16053. The market witnessed few disappointments on Q2 earnings front, while the weak global cues didn't lend support to the markets either. Nifty lost 76 points to end the day at 4751, which is an important level for Nifty on technical front. The market breadth was very negative as out of 2,746 stocks traded on the BSE, mere 822 stocks advanced, whereas 1,849 stocks declined. Sixty eight stocks closed unchanged.
Among the sectoral indices, only BSE FMCG managed to stay in green with marginal gains of 0.66%, while BSE HC closed unchanged. All the remaining sectoral indices closed with the losses in the range of 0.69-6.40% each. BSE Realty declined the most, followed by BSE Metals, BSE Bankex, BSE Power and BSE TECk that fell by over 2% each. On the stocks? front, the major gainers and losers for the day were decided on the back of disappointment on Q2 earnings? front. Lupin jumped the most by 5.20% to Rs1,233.10 followed by Mahindra & Mahindra, Voltas, Bank of Baroda and Proctor & Gamble that rose by over 3% each. Among the losers, Bank of India fell the most by 12.33% to Rs357.80, followed by Indiabulls Real Estate that fell by 9.30% to Rs239.40 and Tata Communications that declined by 9.16% to Rs398.00. Everest Kanto and Indian Overseas Bank fell by over 8% each.
On turnover front, Over 2.20 crore shares of Unitech changed hands on the BSE followed by Suzlon Energy (1.47 crore shares), Ispat Industries (0.74 crore shares), RNRL (0.61 crore shares) and Sesa Goa (0.56 crore shares).