Sensex down 63 pts amid govt winning FDI vote in Rajya Sabha
Snapping a three-day rise, the BSE benchmark Sensex today fell by 63 pts on emergence of profit-booking activity amid the government winning FDI in multi-brand retail vote in the Rajya Sabha.business Updated: Dec 07, 2012 17:03 IST
Snapping a three-day rise, the BSE benchmark Sensex today fell by 63 pts on emergence of profit-booking activity amid the government winning FDI in multi-brand retail vote in the Rajya Sabha.
The Sensex, which had gained 182 points in last three sessions, fell by 62.70 points, or 0.32% to 19,424.10 led by stocks of realty and IT sector. The gauge had gained nearly 0.4% at the outset.
Brokers said the market failed to hold on to gains as investors booked profits in stocks that have run up while the IT sector continued to be under pressure on growth worries.
The government today won the approval of Parliament to its controversial decision of allowing FDI in multi-brand retail with a motion against it being defeated convincingly in Rajya Sabha, as BSP voted in favour of UPA.
Market analysts said the down trend was further influenced by weak cues from European markets as investors adopted a cautious stance ahead of US non-farm payrolls data release later in the day.
The broad-based National Stock Exchange index Nifty fell by 23.50 points, or 0.40% to 5,907.40, after rising to 5.949.85 in early trade.
In 30-BSE index components, 19 stocks declined led by IT stocks. Indian software companies get the majority of their revenues from the US and European markets. The index was dragged down by RIL, HDFC, Infosys, TCS and ICICI Bank.
Across sectoral indices, the BSE realty sector index suffered the most by losing 1.68%, followed by IT index (down 0.98%), Metal index (0.77%) and Banking index (0.52%).
However, the falling trend was cushioned to some extent by the firming trend in auto sector as shares of Maruti Suzuki climbed 1.94% to Rs 1,510.05, after touching one-year high.