Fall in RIL brings markets down; Sensex loses 103 points
The Bombay Stock Exchange benchmark Sensex closed lower by 0.59 per cent or 103 points at 17,223.01 from its previous close.business Updated: Oct 20, 2009 18:25 IST
A weak opening in European markets and profit-booking in blue-chip stocks like Reliance Industries brought the Bombay Stock Exchange benchmark Sensex down by over 100 points on Tuesday though Asian cues were positive.
The key index rose in early trade in tune with Asian bourses but the sentiment turned bearish after taking cues from sluggish European markets. Finally, the 30-share index closed lower by 0.59 per cent or 103 points at 17,223.01 from its previous close.
"Reliance counter kept the market under pressure. As such markets are in high levels, profit taking was bound to come. The overall trend is up, so the market is expected to go higher tomorrow," SMC Global Vice-president Rajesh Jain said.
Refinery, consumer durables and capital goods counters attracted profit booking, while realty and metal stocks evoked good buying interest.
Market leader and petrochem giant RIL dipped by 1.84 per cent. Brokers said sentiment was affected in the backdrop of the Supreme Court beginning hearing in the gas dispute case between RIL and Anil Ambani Group Company RNRL.
They also said Cabinet's decision on Monday to offload five per cent stake in power generation major NTPC and 10 per cent in another unlisted power firm Satluj Jal Vidyut Nigam boosted the sentiment in early trade.
The market opened for trading on Tuesday after two days gap. The last trading was on Saturday-- a special Muhurat trading for Samvat 2066.