Sensex at 1-week low; down 145 points as RIL, M&M slump
The BSE benchmark Sensex today lostover 145 points to close at a fresh one-week low, pulled down by fag-end selling in bluechips, including RIL, M&M and Bajaj Auto, in line with weak trends in Asian and European markets.business Updated: Jul 10, 2013 17:06 IST
The BSE benchmark Sensex on Wednesday lostover 145 points to close at a fresh one-week low, pulled down by fag-end selling in bluechips, including RIL, M&M and Bajaj Auto, in line with weak trends in Asian and European markets.
Investors were seen adopting a cautious stance ahead of key economic data and the first quarter earnings season which will be kicked off by Infosys on Friday.
The 30-share index started the day slightly higher from its previous close at 19,489 but soon erased all gains as reports of fall in global markets trickled in.
It finally ended down by 145.36 points, or 0.75%, at 19,294.12. This is Sensex's lowest closing level since 19,177.76 on July 3. The index had gained 114.7 points on Tuesday.
Similarly, the wide-based National Stock Exchange index Nifty lost 42.30 points, or 0.72%, to close at 5,816.70. Also, SX40 index, the flagship index of MCX-SX, closed 64.41 points, or 0.56% lower at 11,533.78.
Brokers said profit-booking by investors at high levels and fall in refinery stocks led by market major Reliance Industries and ONGC, mainly pulled down the market besides a weak global trend, following unexpected fall in China's export and import.
In global markets, FTSE 100 was down 0.45%, Nikkei 0.39% and Kospi ended lower by 0.34% on Wednesday.
Refinery stocks were also under pressure as the RBI asked state-run oil companies to purchase dollars from a single bank to avoid unwanted volatilities in the rupee, they said.
Market heavyweight Reliance Industries dropped 1.95% to Rs 856.35, ONGC by 1.79% to Rs 296.65 and GAIL by 0.80% to Rs 315.20.
Out of the 30 BSE index components, 22 stocks fell led by Mahindra and Mahindra losing 2.63% to Rs 911.90. Among other major losers were Hindalco (2.58%), Bajaj Auto (2.13%) and Tata Steel (1.97%).
Sectorally, the oil and gas sector index suffered the most by losing 1.82% to 8,587.73 followed by auto index by 1.50% to 10,525.88. Realty sector index lost 1.32% to 1,490.75 and capital goods index by 0.98% to 9,177.90.