Sensex slips below 20K-mark; Tata Motors drops 6%
Hit by nearly 6% loss in Tata Motors, the BSE benchmark Sensex today closed 103 points lower to slip below 20,000-level amid investors booking profits in realty, auto, metal and power sectors.business Updated: Jan 24, 2013 17:04 IST
Hit by nearly 6% loss in Tata Motors, the BSE benchmark Sensex on Thursday closed 103 points lower to slip below 20,000-level amid investors booking profits in realty, auto, metal and power sectors.
After a better start at 20,072.28, the Sensex fell by 102.83 points, or 0.51% to 19,923.78 as auto majors Tata Motors, Maruti Suzuki and M&M recorded losses.
Tata Motors slumped 5.9% after reports stated the company had issued a profit warning at Jaguar Land Rover.
Realty space also saw selling today with HDIL tanking over 22%.
Others like Unitech, Anant Raj and Sobha Developers dropped in 5-7% range, pulling down the BSE Realty by over 4% -- the worst among sectoral indices.
On the similar lines, the broad-based National Stock Exchange ined Nifty fell by 34.95 points, or 0.58% to end at 6,019.35, after touching a low of 6,007.85.
"The Nifty opened on a muted note and profit booking across the board ensured a weak closing near the psychological level of 6000," said Shubham Agarwal, Associate VP and Senior Technical Equities Analyst, Motilal Oswal Securities.
Brokers said the selling pressure emerged at existing higher levels as investors sold blue-chips that had surged in the recent past on government's reform initiatives.
Interest-rate sensitive stocks, like ICICI Bank, HDFC and SBI, logged losses ahead of cautious stance adopted by market participants ahead of the RBI policy meeting on January 29.
However, a firm trend in FMCG, Information Technology and Capital Goods sectors saved the market from any major fall.