Sensex snaps 5-day rally, down 58 pts to close at 26,668, Nifty ends at 8,160 | business | Hindustan Times
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Sensex snaps 5-day rally, down 58 pts to close at 26,668, Nifty ends at 8,160

Extending their gains for the sixth consecutive session, the benchmark Sensex advanced nearly 112 points and the NSE nifty reclaimed the 8,200-mark in early trade on Tuesday on sustained buying by investors and funds amid a firming trend on Asian bourses.

business Updated: May 31, 2016 21:31 IST
The Sensex fell 57.64 points, or 0.22%, at the close, at 26,667.96.(File Photo)

The benchmark Sensex dropped for the first time in six days on Tuesday as it came off its 7-month high slipping by about 58 points to end at 26,668, but managed to pull off its third straight monthly gain.

The benchmark index was weighed down by profit-taking amid a lower opening in Europe. The broader Nifty too could not hold on to its earlier gains.

During the day, it changed its direction multiple times, in a sign of choppiness.

Brokers said caution set in after the index zoomed 1,495 points, or 5.92%, in the previous five sessions and investors cutting down their positions ahead of release of GDP numbers.

The lingering worries surrounding policy action by US Fed and RBI, which is due to meet on June 7, kept investors on the sidelines.

The triggers for the 5-day rally were upbeat March earnings, an above-normal monsoon forecast this year after two successive droughts, positive global cues and sustained foreign fund inflows.

The Sensex fell 57.64 points, or 0.22%, at the close, at 26,667.96.

During May, the Sensex has risen 1,061.34 points, or 4.14%, the NSE Nifty 310.30 points, or 3.92% -- their third straight monthly gain.

From the Sensex pack, Sun Pharma was the biggest loser, with a fall of 6.13%, after the company’s earnings fell well below market expectations, followed by GAIL 2.31%.

Among other losers, TCS, ITC, Bharti Airtel, ONGC, Infosys, RIL, L&T, Wipro, M&M, Hindustan Unilever and Cipla tanked up to 2.29%.

However, Tata Motors hogged limelight as it rose the most by surging 8.95% after posting a three-fold rise in consolidated net profit for the fourth quarter ended March.

Tata Steel, SBI, Maruti Suzuki, HDFC, Adani Ports, Lupin Dr Reddy’s, Axis Bank, Bajaj Auto, ICICI Bank, Hero MotoCorp and NTPC maintained their upward journey.

Stocks of jewellery makers such as Tribhovandas Bhimji Zaveri, PC Jewellers, Shree Ganesh Jewellers and Gitanjali Gems surged by up to 3.13%.

Overall, 16 shares fell among Sensex’s 30 constituents.

The 50-share NSE Nifty also succumbed to profit-booking and ended lower 18.40 points, or 0.22%, at 8,160.10 after moving between 8,213.60 and 8,134.30 during the day.

Among BSE sectoral and industry indices, healthcare fell the most 1.39% followed by IT 1.24%, technology 1.23%, FMCG 1.21%, oil&gas 0.68%, power 0.68% and capital goods 0.67%.

The broader markets too lay low, with the BSE mid-cap index declining 0.18% and the small-cap index shedding 0.14%.

Among other Asian markets Japan’s Nikkei ended 0.98% higher as a weaker yen lifted exporters while investors focused on Japan’s plans for a sales tax hike.

Hong Kong’s Hang Seng closed 0.90% up while Chinese Shanghai ended 3.34% higher.

European markets were trading in the red in their early deals.