Sensex down by 28 points, closes at 27,932.90
The BSE sensex on Tuesday lost 28 points and closed at 27,932.90, on selling in interest sensitive stocks, after hopes of a rate cut by RBI were dashed by higher retail inflation. The retail inflation surged to eight-month high of 5.4 % in June.business Updated: Jul 14, 2015 18:07 IST
The BSE sensex on Tuesday lost 28 points and closed at 27,932.90, on selling in interest sensitive stocks, after hopes of a rate cut by RBI were dashed by higher retail inflation. The retail inflation surged to eight-month high of 5.4 % in June.
Meanwhile, deflationary trends continued for the eighth month in a row in June with the wholesale inflation slipping to (-)2.4 %, official data showed today. The Sensex opened higher at 27,986.92 and quickly regained the 28,000-mark to touch a high of 28,018.59 as pace of buying picked up, in line with firm global cues after the Greece bailout deal.
However, profit-booking kicked in after recent gains, and with a weak opening at European markets. The gauge had gained 387.53 points in the past two straight sessions. During the day, oil stocks took the centre-stage after Iran reached a landmark deal with six major world powers.
Aban Offshore surged 16.16 % after the deal. Stocks of state-run oil marketing companies such as HPCL, BPCL and IOC registered gains up to 3.09 % following the deal amid a tumbling crude oil price overseas. Globally, Brent crude tumbled almost 2 % and was trading below $57 a barrel level.
On similar lines, the NSE Nifty after shuttling between 8,480.25 and 8,424.10 finally settled down by 5.55 points, or 0.07 %, at 8,454.10. Stock of Tata Motors topped the losers list by plunging 4.10 % after Jaguar Land Rover cut its sales target in China. Other major losers were Hindalco, SBI, Vedanta, Tata Steel, RIL, ITC, HDFC, ICICI Bank, Bharti Airtel, ONGC, TCS and HDFC Bank.
Shares of India Cements saw huge selling pressure and ended 3.66 % lower after its franchisee Chennai Super Kings was suspended from IPL for two years. Among 30 Sensex components, 13 stocks ended down while 16 finished higher. L&T remained unchanged. Sectorally, the BSE Auto index suffered the most by falling 0.93 %, followed by realty, banking and capital goods.
However, the BSE small-cap index ended 0.36 % higher while mid-cap index added 0.14 %. Provisional data showed that foreign portfolio investors bought shares worth net Rs 527.98 crore yesterday. Globally, other Asian markets ended mixed as China's Shanghai Composite ended the day lower while European markets were down in their early trade.