Despite dip in retail inflation, Sensex falls by 101 points
15 Jan 2014 12:34 AM GMT
TCS and ICICI Bank were the biggest drag on the index. Tata Steel and Sesa Sterlite were the top losers as 22 Sensex shares declined.
Ten of the 12 Bombay Stock Exchange sectoral indices fell, led by metal and realty stocks. The BSE S&P Sensex touched a high of 21,154.76 in early trade, after which it moved lower through the day. The index ended at 21,032.88, a fall of 101.33 points or 0.48 per cent. It was the biggest drop for the Sensex since a loss of 252.15 points on 2 January.
The CNX Nifty on the National Stock Exchange declined 30.90 points, or 0.49 per cent, to 6,241.85.
‘Metals and mining sector reeled under selling pressure. Tata Steel has seen profit booking over the last few days,’ said Milan Bavishi, Head — Research at Inventure Growth and Securities. ‘Jindal Steel and NMDC too saw a drop of about 2 per cent each.’
The Sensex had gained 421 points in the previous two sessions. On Monday, the Sensex surged about 376 points to a seven-week high amid expectations that inflation will moderate.
Foreign institutional investors (FII) bought shares worth a net Rs 413.85 crore on Monday. Brokers said a weak trend in Asia and a lower opening in Europe following overnight losses in the US market triggered selling in the domestic market. ‘Indian equity markets shed part of the gains made during Monday’s trading in spite of a decline in inflation numbers...as it tracked performance of Asian peers and global equities, which are showing some signs of contraction as the S&P 500 posted its biggest loss in two months,’ said Jignesh Chaudhary, Head of Research at Veracity Broking Services.
Ten of the 12 Bombay Stock Exchange sectoral indices fell, led by metal and realty stocks. The BSE S&P Sensex touched a high of 21,154.76 in early trade, after which it moved lower through the day. The index ended at 21,032.88, a fall of 101.33 points or 0.48 per cent. It was the biggest drop for the Sensex since a loss of 252.15 points on 2 January.
The CNX Nifty on the National Stock Exchange declined 30.90 points, or 0.49 per cent, to 6,241.85.
‘Metals and mining sector reeled under selling pressure. Tata Steel has seen profit booking over the last few days,’ said Milan Bavishi, Head — Research at Inventure Growth and Securities. ‘Jindal Steel and NMDC too saw a drop of about 2 per cent each.’
The Sensex had gained 421 points in the previous two sessions. On Monday, the Sensex surged about 376 points to a seven-week high amid expectations that inflation will moderate.
Foreign institutional investors (FII) bought shares worth a net Rs 413.85 crore on Monday. Brokers said a weak trend in Asia and a lower opening in Europe following overnight losses in the US market triggered selling in the domestic market. ‘Indian equity markets shed part of the gains made during Monday’s trading in spite of a decline in inflation numbers...as it tracked performance of Asian peers and global equities, which are showing some signs of contraction as the S&P 500 posted its biggest loss in two months,’ said Jignesh Chaudhary, Head of Research at Veracity Broking Services.
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