The Sensex closed down 45.40 points or 0.69% at 6522.54 after touching an intraday high of 6608.30. The Nifty closed down 9.80 points or 0.47% at 2059.80.

• Market breadth is negative
• Technology shares down
• Private banks gain

Investors booked profits almost across the board on fears of fresh tsunami alerts in Chennai and the Andaman & Nicobar islands. Technical analysts said that 6520 is a crucial level on the Sensex. If it goes below that it the market could correct some more.

The broad market has drifted down as several small and midcap stocks corrected. About 939 shares advanced, 1404 shares declined, and 52 shares remained unchanged. The turnover was Rs 24,877.94 crore (Rs 248.77 billion).

Dealers say that the rollover in the F&O segment was smooth and the turnover was good. Over 82% rollover was completed in the NSE Futures segment and over 70% rollover in Nifty futures.

Index heavyweights Reliance, ITC, Infosys, Wipro, Tata Motors, and ICICI Bank declined dragging the market down.

The BSE IT Index underperformed the other indices. It closed down 1.42% at 2574.40 as most of the frontline as well as the second-rung technology stocks corrected.

The BSE FMCG Index was down 1.05% at 1053.84 following the weakness in ITC, Nestle and Tata Tea. Weakness was also seen in the shipping and power stocks.

The BSE Metal Index closed up 0.28% at 6227.79 as several steel and aluminium stocks firmed up. Most of the midcap cement stocks gained on fresh buying interest on expectation of an increase in cement demand and firm cement prices.

Several banking shares including UCO Bank, Bank of Punjab, Karnataka Bank, South India Bank, Karur Vysya Bank, and ING Vysya Bank advanced on fresh buying interest on reports that the roadmap for acquisition of private banks by foreign banks to the extent of 74% is likely to be in place in the next few days.

Telecom shares gained as the Finance Minister said that higher cap for FDI in telecom is likely in the next few days.

Selective buying was also seen in the midcap sugar and textile stocks.

Several auto and oil stocks also ended the day in the red as crude oil prices firmed up. Most of the pharma and media stocks closed mixed.

Bharati Shipyard made a stunning debut today. The share closed at Rs 129.35 after opening at Rs 130 on the BSE.