Sensex slips 83 pts; consumer durable, IT stocks down
The BSE benchmark Sensex today fell by nearly 84 points weighed down by ITC, Infosys and Hero MotoCorp shares, amid choppy trade ahead of monthly settlement of the derivatives segment on Thursday.business Updated: Oct 23, 2012 16:46 IST
The BSE benchmark Sensex on Tuesday fell by nearly 84 points weighed down by ITC, Infosys and Hero MotoCorp shares, amid choppy trade ahead of monthly settlement of the derivatives segment on Thursday.
The market sentiment was also affected on weakening Asian trend and a lower opening in Europe on reports of downgrading of credit ratings on five Spanish regions.
The Sensex, which had gained 111 points in the previous session, commenced the day better at 18,812.93 but met with profit selling at higher levels. It closed 83.42 points, or 0.44%, lower at 18,710.02.
The 50-share National Stock Exchange index Nifty lost 25.75 points, or 0.45%, to end below 5,700 level at 5,691.40.
Brokers said investors were seen taking profits before a market holiday tomorrow and and winding up their pending positions ahead of the expiry of October month contract in the derivatives segment.
"Market breadth was negative and volumes were lower than last trading session. European indices were also negative and Dow futures also showed mixed cues. This also underpinned the negative sentiment," said Nidhi Sarswat, Senior Research Analyst, Bonanza Portfolio.
In the 30-share Sensex, 23 stocks declined led by Jindal Steel, Hero MotoCorp, Hindalco, Infosys, ITC and GAIL. Reliance Industries also declined by 0.58%.
Besides Infosys, TCS and Wipro ended lower in IT pack.
Hero MotoCorp fell 1.90% ahead of its earnings, while ITC Ltd lost 1.29% on profit selling after investors judged the recent gains as excessive, said traders.
Barring capital goods shares, all the sectoral indices closed in negative zone falling up to 0.98%.
Dealers said the sentiment further dampened on weak global cues as Eurozone sovereign debt crisis deepened after Moody's Investors Service lowered credit ratings on five Spanish regions.