Sensex drops for 1st time in six days; Nifty ends below 8,000 | business | Hindustan Times
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Sensex drops for 1st time in six days; Nifty ends below 8,000

business Updated: Oct 27, 2014 18:22 IST

The benchmark Sensex On Monday retreated from one-month highs and fell about 98 points to end at 26,752.90, logging its first drop in six sessions, on losses in bluechips like HUL, Tata Motors and RIL and caution ahead of the US Federal Reserve monetary policy meet.

The NSE Nifty fell by about 23 points to end below the key 8,000-level as investors booked profits. Mixed Asian and weak European trends, after tepid German business confidence data, were also among factors that affected sentiments On Monday.

Shares of oil firms saw selling after Goldman Sachs slashed 2015 oil price target. Alongwith Oil & Gas, Realty, FMCG and Auto shares suffered the most while Consumer Durables, Capital Goods, Banking and Power ended in the green.

The 30-share Sensex resumed firm on initial rise in Asian stocks but failed to cross 27K-mark, logging a high of 26,994.96.

Late selling on bearish European opening pulled it down to settle at 26,752.90, recording a fall of 98.15 points or 0.37%. The Sensex had gained 851.71 points, or 3.28%, in the previous five sessions.

The broader 50-issue CNX Nifty of the NSE fell back by 22.85 points, or 0.29%, to end at 7,991.70.

The US Federal Open Market Committee will meet tomorrow, October 28, 2014, for two-day monetary policy review, expecting to end a long-running stimulus programme.

Domestic investors preferred to book profits and decided to play safe ahead of expiry of derivatives on October 30, 2014, leading to fall in share prices, said brokers.

Stocks of FMCG giant, Hindustan Unilever tumbled about 4.75% after it forecast a softer demand environment.

Shares of realty giant DLF slumped 7.84% on concerns the company may face probe in Haryana land deals.

Bucking the overall trend, stocks of companies involved in defence sector like BEML rallied 5% after projects worth Rs 80,000 crore were cleared by the government.

HMT counter surged nearly 20% to touch its highest trading permissible limit for the day amid reports that the company may get another lease of life.

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