Sensex closes lower on profit selling
Sensex closed lower by nearly 130 points on emergence of heavy profit selling and on reports of weakening global trends.business Updated: Mar 26, 2008 16:57 IST
The Bombay Stock Exchange benchmark Sensex closed lower by nearly 130 points on emergence of heavy profit selling and on reports of weakening global trends.
The 30-share Sensex, which had gained nearly 928 points in previous day's trading, closed lower by 130.66 points at 16,086.83. Marketmen said profit booking emerged at existing higher levels, bringing down the index.
The key index touched the day's low of 16,009.87 and a high of 16,309.88 points.
The wide-based National Stock Exchange index Nifty recorded a loss of 48.65 points at 4,828.85. It touched the day's low of 4,808.65 and a high of 4,912.30 points.
The major pull came from banking stocks after ICICI Bank, the second largest bank by assets, declined as the stock's price target was cut at Goldman Sachs Group Inc. The bank index plunged by 69.54 points at 8,301.80, followed by oil and gas index by 84.24 points at 10,224.56.
Capital goods index lost 73.56 points at 13,794.04, healthcare index by 28.25 points at 3737.51, teck index by 24.69 points at 3081.61, PSU index by 44.04 points at 7563.61 and power index by 15.88 points at 3137.99.
However, metal stocks averted any major fall in the market by gaining 137.54 points at 13,745.18 after the sector major Tata Steel advanced as BNP Paribas India Solutions said recent declines among steel stocks had created buying opportunities.
Capital goods index shot up by 58.52 points at 3830.75, FMCG index by 29.13 points at 7480.37 and information technology index by 6.20 points at 3692.55.