Sensex ends below 27K; over 400 stocks hit fresh 52-week high on BSE

NEW DELHI: The S&P BSE Sensex ended the volatile session in negative just below its crucial psychological level of 27000, led by losses in ONGC, Sun Pharma, ICICI Bank, Wipro and TCS.

However, the real action was seen in small and midcap stocks and as much as 438 stocks hit fresh 52-week highs on the Bombay Stock Exchange.

The BSE Sensex finally closed 61.54 points lower or 0.23 per cent at 26,995.87. It hit a low of 26,904.50 and a high of 27150.78 in trade today.

Tracking the momentum, 50-share Nifty index also pared its intraday gains and closed below its crucial psychological level of 8100. It hit a low of 8057.30 and a high of 8127.95 in trade today.

After rallying over 1000 points since August and nearly 6000 points so far in the year 2014, S&P BSE Sensex came under bit of pressure. Analysts see this more as part of consolidation and not as a big correction.

"This consolidation phase, that we are seeing right now, is likely to continue for some more time," said Manishi Raychaudhuri, MD & Asia Equity Strategist, BNP Paribas.

"Indian stocks have outperformed this year for a good reason. If you look at the entire emerging market universe, India is possibly the best story fundamentally," he added.

The S&P BSE Midcap index closed 1.1 per cent higher at 9963.51 and as much as 26 stocks rose to their fresh 52-week highs which include names like Torrent Power, Ashok Leyland, City Union Bank, Jyothy Laboratories etc.

The S&P BSE Small Cap index closed 1.46 per cent higher at 11,110.92 and as much as 70 stocks hit their fresh 52-week highs and as much as V-Guard Industries, Trident, GATI, Balmer Lawrie Investments, EIH Associated Hotels, Heritage Foods etc.