MARKET VOICES 22.06.09

Market Voices 22 Jun 2009After a positive start and a subsequent fall this morning, the market rebounded smartly this morning only to plunge deep down into the red in afternoon trade.While the positive trend in Asian markets prompted a bright start, weakness in European markets and lower U.S. index futures sent stock prices tumbling down into the red this afternoon.The Sensex, after moving in a range of around 400 points - it touched a high of 14,668 and a low of 14,269 today -, provisionally ended at the day's low, recording a big loss of 252 points or 1.74%. The Nifty closed at 4222.70, down 90.90 points or 2.11%.Oil stocks, led by heavyweights Reliance Industries and ONGC declined sharply. Metals and realty stocks had a good spell but failed to hold at higher levels and ended on a weak note. Power, PSU, auto and IT stocks also ended lower. Select bank, capital goods and FMCG stocks posted notable gains.