Markets end in red

Weakness in Asian markets caused by on worries about the credit market triggered by US financial giant Citigroup's announcement that it may suffer up to $11 billion in write-downs for subprime losses, hit domestic bourses today. Weakness persisted almost throughout the day today and selling was seen in most sectors.

Sensex was down 385.45 points or 1.93% at 19590.78, and the Nifty down 85.10 points or 1.43% at 5847.30.

ICICI Bank (down 4.46% to Rs 1,274), HDFC Bank (down 2.46% to Rs 1,715.50) and State Bank of India (down 0.08% to Rs 2,249.90) edged lower.FMCG majors also declined. ITC (down 2.48% to Rs 171) and Hindustan Unilever (down 1.1% to Rs 193.75) edged lower.

Auto stocks declined across the board. India’s largest truck maker by sales Tata Motors declined 2.07% to Rs 739.55. Tata Group is learnt to be leading the race to buy Land Rover and Jaguar after the second-round bidding in the auction of Ford's British brands closed on Friday, 2 November 2007.

Mahindra & Mahindra (down 1.56% to Rs 742.10), Hero Honda Motors (down 1.85% to Rs 662), Maruti Suzuki India (down 2.97% to Rs 991) and Bajaj Auto (down 0.97% to Rs 2,400) edged lower.

Larsen & Toubro (L&T) declined 2.16% to Rs 4,364.90 after the company said it has entered into a joint venture (JV) agreement with Mitsubishi Heavy Industries (MHI) for setting up a supercritical steam turbine and generator manufacturing facility in the country, with a capital outlay of around Rs 880 crore.

Metal stocks plunged. Sterlite Industries (down 3.51% to Rs 990.50), Hindalco Industries (down 1.95% to Rs 183.85), Steel Authority of India (down 1.54% to Rs 256.10) and Tata Steel (down 1.33% to Rs 882) edged lower.

India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) declined 1.76% to Rs 2,665.Bharti Airtel, the country's top mobile operator in terms of market share, rose 5.94% to Rs 948 on fresh buying after the stock fell more than 11% in the last two sessions on concerns about allocation of additional spectrum.

Ranbaxy Laboratories (up 0.11% to Rs 439.05), NTPC (up 0.85% to Rs 236.75), Cipla (up 1.96% to Rs 177) edged higher.India's largest oil exploration firm by sales ONGC declined 4.47% to Rs 1,305 and was the top loser from Sensex pack.

Reliance Natural Resources surged 30% to Rs 184.65 on reports that the company has responded to the offer made by Reliance Industries to form a team and resolve the KG Basin gas controversy across the table. The move follows a recent Bombay High Court order asking both parties to resolve their differences amicably within four months.