Sensex slips to over 6-week low at 16,283 points
Investors today booked profit at every rise to pull the benchmark Sensex down by nearly 70 points to its more than six-week low amid weak global cues and capital outflows, completing three-day of losing streak.business Updated: Oct 28, 2009 17:35 IST
Investors on Wednesday booked profit at every rise to pull the benchmark Sensex down by nearly 70 points to its more than six-week low amid weak global cues and capital outflows, completing three-day of losing streak.
After moving erratically, the Bombay Stock Exchange 30-share Sensex closed the day at 16,283.49, a loss of 69.91 points or 0.43 per cent from its previous close.
In straight three-day of decline, the Sensex fell by 527.32 points or 3.14 per cent.
Market participants said while some investors booked profit some others rolled over their positions to next series ahead of the expiry of October contracts tomorrow.
Four per cent growth in core sector in September also raised doubts whether the industrial recovery can be sustained. Infrastructure grew over 7 per cent in August.
"The profit-booking continued today as well...The rally took the market in green for some time during the day. The subsequent selling that emerged pushed the market down in red," Bonanza Portfolio Assistant Vice-President Avinash Gupta said.
Sentiment remained bearish. Reserve Bank's hinting at end of soft monetary stance in its quarterly monetary policy review yesterday continue to weigh against market sentiment. Banking sectors remained under selling pressure. With sectoral majors HDFC losing 3.23 per cent and ICICI Bank 3.12 per cent, the index ended lower by 1.50 per cent.
However, realty sector left behind the battering it got yesterday to attract buying. Unitech, DLF and HDIL closed up today.
Had there not been a smart rise in Bharti Airtel, Wipro, Tata Motors, L&T and RIL, the fall in the Sensex would have been much more pronounced.
The wide-based 50-issue Nifty of the National Stock Exchange too ended at more-than 6-week low at 4,826.15, a fall of 20.55 points or 0.42 per cent over its last close.
Besides Shanghai Composite index which ended in the green, other Asian indices closed lower by about 1.4 per cent and 2.4 per cent. European markets were also trading down by over one per cent in their morning deals.
Among Sensex-based shares, Maruti Suzuki dipped by 4.47 per cent, Tata Steel by 3.73 per cent, HDFC by 3.23 per cent, ICICI Bank by 3.12 per cent, HDFC Bank by 3.11 per cent, RCom by 2.50 per cent, ONGC by 2.29 per cent, Sterlite Ind by 2.20 per cent and REL Infra by 2.08 per cent.
The market breadth remained negative as 1,627 counters ended with losses, against 1,059 that ended with gains on the BSE.
The trading volume was relatively low at Rs 5,431.94 crore from Rs 5,932.36 crore on Tuesday. Thinksoft Global Services topped the list of highest traded securities with a turnover of Rs 278.38 crore.