Sensex falls ahead of Parliament session, down by 43 points
The benchmark BSE Sensex went down by 56 points in early trade on Monday as funds and retail investors booked profits after recent gains amid a weak trend overseas.
The BSE Sensex on Monday fell by 43 points and closed at 28,420.12 as investors adopted a cautious stance ahead of Parliament session and earnings from blue-chips stocks. Key bills, Goods and Service Tax (GST) bill and the land acquisition bill, are expected to be presented during the monsoon session, which starts from Tuesday.
"Investors seems to await the outcome of Parliament's monsoon session and corporate earnings with big corporate earnings like HDFC Bank, Infosys, HUL results scheduled for tomorrow," said Gaurav Jain, Director at Hem Securities. The 30-share BSE index after remaining in the positive zone briefly, succumbed to profit-booking and touched a low of 28,319.83.
The index settled down by 43.19 points or 0.15 % at 28,420.12. In past three sessions, the gauge rallied by 530.41 points to hit three-month high levels. The 50-issue Nifty settled 6.40 points or 0.07 % lower at 8,603.45.
Tata Motors was the biggest loser among Sensex stocks by tumbling 1.89 %, followed by Vedanta 1.44 %. Other losers on the index included HUL, BHEL, Coal India, HDFC, ICICI Bank, Maruti Suzuki and Axis Bank, among others. The broader markets, however, saw buying activity. The BSE small-cap rose 0.40 % and mid-cap ended higher by 0.27 %.
Powered by a plunge in gold prices which crashed to over two-year lows in domestic markets and over five-year lows overseas, stocks of P C Jewellers, Tribhovandas Bhimji Zaveri and Gitanjali Gems surged up to 13.71 %.
In international market, gold prices tumbled 4.2 % to $1,086.18 an ounce in Singapore, its lowest level since March 2010 amid prospects for higher US interest rates. On domestic front the metal plummeted by Rs 300 to Rs 25,700 per 10 grams, a level last seen in June 2013.
Sector-wise, BSE realty index suffered the most by falling 1.92 %, followed by metal by 0.51 %. Meanwhile, stock markets in Asia ended mixed and European markets were trading higher in their morning session on growing optimism over a resolution to Greece crisis amid deals activity.
