Today Telecom stocks led a setback on the bourses as trading resumedafter a long weekend. The market fell as investors priced in asharp weakness in global markets on Friday, 2 October 2009, whenthe Indian market was closed for a public holiday. The BSE 30-shareSensex lost 268.14 points or 1.56%, off 195.60 points from theday's high and up 30.61 from the day's low. The BSE Sensex dippedbelow the psychological 17,000 level. The 50-unit S&P CNX fellbelow the psychological 5,000 mark in late trade only to regainthat level.After opening with a downward gap, the market extended losses atthe onset of the trading session. Buying in some defensive stockshelped the market soon cut initial losses. The market weakenedagain in mid-morning trade. The market moved in a narrow rangelater. A sell-off in Bharti Airtel pulled the market lower inafternoon trade. Fresh selling in index pivotals pulled the marketto a fresh intraday low in mid-afternoon trade. The market extendedlosses in late trade.The market breadth was weak. Telecom shares were the chiefcasualties of the day following reports of a likely delay in thethird generation auction process. Bharti Airtel tumbled over 8% andReliance Communications lost over 5%. Index heavyweights RelianceIndustries and State Bank of India were down 1.74% and 3.66%respectively. Barring select FMCG and pharma stocks, which gainedon defensive buying, selling was conspicuous across sectors
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