Sensex falls by 65 pts; ends five-week gaining rally | business | Hindustan Times
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Sensex falls by 65 pts; ends five-week gaining rally

business Updated: Oct 08, 2010 17:26 IST

The BSE benchmark Sensex, on Friday, dropped by 65 points, breaking its five-week gaining streak, as investors booked profit at existing higher levels amid weak global cues.

Extending losses for the second consecutive session, the 30-share barometer of the Bombay Stock Exchange ended lower by 65.06 points, or 0.32 per cent, at 20,250.26. The maximum losses brought in by metal, banking and auto stocks.

The National Stock Exchange's wide-based Nifty Index also shed 0.28 per cent to finish at 6,103.45. Market started on a firm note but brisk selling pressure in blue-chips like Tata Steel, HDFC, HDFC Bank and M&M dragged the market down.

Weak start in Europe, ahead of monthly US job data, too weighed on investor sentiment, analysts said. During the week, the Sensex recorded a loss of nearly 1 per cent, its first weekly fall in the past six weeks.

"Market players preferred to book profit ahead of monthly jobs data in the US. In addition, movement in currency market too was closely watched," IIFL VP (Research) Amar Ambani said. The rupee lost a bit of ground against the dollar after touching a 25-month high on Thursday.

As far as stocks are concerned, Tata Steel plunged 3.48 per cent, the most in the BSE-30 pack. Sterlite and Jindal Steel ended lower by 1.19 per cent and 1.47 per cent, respectively. However, Hindalco managed to buck the trend and closed higher by 1.32 per cent. Index major Reliance Industries also came in help and capped some of the losses. The energy major closed about 1 per cent higher.

On the sectoral front, metal, auto, consumer durables and power were major sufferer, while pharma, IT and oil & gas were the top gainers of the day. M&M lost 2.74 per cent. The auto major today said it has advanced the time period to redeem its outstanding USD 141.2 million FCCBs to this year from earlier April 14, 2011. Tata Motors too finished nearly 2 per cent lower and Hero Honda by 0.42 per cent. But Maruti closed 0.48 per cent up.

Financial stocks continued to witness profit booking. HDFC declined 1.22 per cent, HDFC Bank 1.18 per cent and ICICI Bank 0.62 per cent. In the 30-BSE index components, 20 stocks fell, while 10 finished with gains.