Sensex snaps 3-day rise, falls 160 pts on oil, profit-booking
Retreating from one-week highs, the benchmark Sensex on Tuesday slipped about 160 points to 27,425.73 on profit-booking after a three-day robust rally and negative sentiment as global crude prices slid towards six-year lows.business Updated: Jan 13, 2015 18:16 IST
Retreating from one-week highs, the benchmark Sensex on Tuesday slipped about 160 points to 27,425.73 on profit-booking after a three-day robust rally and negative sentiment as global crude prices slid towards six-year lows.
Realty, Oil&Gas and Consumer Durable shares saw heavy selling on diminishing hopes of a rate cut after retail inflation marginally rose to 5% in December while the country's industrial production grew 3.8% in November.
The BSE Sensex resumed higher a 27,611.56 and hovered in a range of 27,670.19 and 27,324.58 before ending at 27,425.73, showing a loss of 159.54 points or 0.58%.
The Sensex had gained by 676.45 points, or 2.51%, in the previous three days to hit one-week high levels.
The NSE 50-share Nify also moved down by 23.60 points, or 0.28%, to 8,299.40 -- a tad below the key 8,300-mark.
Major Sensex laggards include ICICI Bank, Infosys, ONGC, HDFC and Reliance Industries while gainers include ITC, M&M and Wipro.
Crude oil was dealt another blow Tuesday when key OPEC member the UAE said the cartel could not stop world prices plunging and called for a cut in US shale oil output.
Brent crude for February delivery fell USD 45.50 a barrel -- around its lowest point since April 2009. On Monday, it had plunged more than five percent to end below USD 50.
"Rise in IIP cheered the markets. However, further slump in oil prices made the overall mood of the markets grim," said Bonanza Portfolio, Associate Fund Manager, Hiren Dhakan.
Global markets were mixed. In Asia, indices in China, Hong Kong and Taiwan moved up by 0.19% to 0.79% after data showed China's exports climbed more than estimated in December. Barometers in Japan, Singapore and South Korea eased by 0.11% to 0.64%.
In Europe, the UK's FTSE, France's CAC and Germany's DAX were trading higher in late morning trades.
Meanwhile, provisional data from stock exchanges showed that foreigners bought shares worth a net Rs 244.95 crore on Monday.