Sensex down 102 points; metal, banking shares under pressure
The Bombay Stock Exchange benchmark Sensex today lost over 100 points on emergence of profit- booking in blue-chip stocks in metal and banking shares.business Updated: Dec 09, 2009 17:13 IST
The Bombay Stock Exchange benchmark Sensex on Wednesday lost over 100 points on emergence of profit- booking in blue-chip stocks in metal and banking shares.
The Sensex, which had gained 244.54 points in the previous session, fell back by 102.46, or 0.59 per cent to 17,125.22.
A 2.54 per cent rise in Maruti Suzuki, saved the market from a steeper fall. IT stocks Infosys and TCS also ended up helping avert a major slump in the market. European car maker Volkswagen's plans to buy 19.9 per cent stake Japanese Suzuki for USD 2.5 billion make Maruti attractive to investors. Maruti Suzuki India is a wholly-owned subsidiary of Suzuki.
Both Reliance Industries and Tata Steel, which in the last session rose, came under pressure. While RIL closed down by less than 1 per cent, Tata Steel was the biggest loser at 4.17 per cent.
Metal stocks Hindalco and Sterlite at 3.04 per cent and 2.98 per cent were the other big Sensex losers.
Banking shares were the other big casualty with their sectoral index ending down by 1.58 per cent. Mortgage leader HDFC and private sector lender HDFC Bank settled lower by 2.30 per cent and 1.3 per cent respectively.
In the 30-BSE index-linked kitty, 17 stocks closed with losses while 13 ended with gains.
Wider National Stock Exchange index Nifty also fell by 35.95 points, or 0.70 per cent to 5,112.00.
Weak trends in Asia and lower opening in Europe also weighed against the sentiment.