Sensex snaps four-day winning streak, ends 34 pts down
The BSE benchmark Sensex failed to maintain initial gains and slipped by 33 points to 19,306.71 points today on selling in FMCG, banking, IT and PSU stocks.business Updated: Dec 03, 2012 17:36 IST
Snapping a four-day rally, the BSE benchmark Sensex on Monday fell over 34 points from its 19-month high to close at 19,305.32 on emergence of profit-selling by investors ahead of the impending decision in Parliament on FDI in retail.
The Sensex, which had rallied 835 points in last four sessions, fell by 34.58 points, or 0.18% to settle at 19,305.32. Last week, the gauge had posted its biggest gain in almost six months on heavy capital inflows.
The broad-based National Stock Exchange index Nifty today fell by 8.90 points, 0.15% to close at 5,870.95, after touching the day's low of 5,854.60.
Brokers said after a steep rise of 4.5% in benchmark indices in the past week, stocks attracted profit booking and this mainly halted the strong rally.
Among Sensex stocks, the downfall today was led by banking sector as HDFC Bank, the second-largest private lender dropped 2.37%.
Investors adopted a cautious stance ahead of the vote on FDI. The Rajya Sabha has decided to have a discussion on December 6 and 7 on the issue, soon after the Lok Sabha which will have a similar discussion on December 4 and 5.
A weak trend in the Asian region also dampened the sentiment as reports said US lawmakers continued to debate over a budget compromise to avert a US 'fiscal cliff'.
While banking, FMCG and Tech sector indices remained in the negative zone, an upsurge in Auto, realty, metal and power sector cushioned the market to some extent.
Shares of Maruti Suzuki climbed by 1.07% and Mahindra and Mahindra by 1.15% after better-than-expected November sales.
Overall, 17 stocks declined while 13 gained in 30-share Sensex.