Sensex snaps 4-day upmove, down 37 pts ahead of IIP, inflation
The BSE benchmark Sensex today fell for the first time in five days by declining 37 points to end at 19,646.21 on fag-end selling in RIL, Infosys, ICICI Bank and TCS shares ahead of industrial production and inflation data tomorrow.business Updated: Mar 11, 2013 17:18 IST
The BSE benchmark Sensex on Monday fell for the first time in five days by declining 37 points to end at 19,646.21 on fag-end selling in RIL, Infosys, ICICI Bank and TCS shares ahead of industrial production and inflation data on Tuesday.
The 30-share index was moving in a narrow range of over 100 points till late afternoon, but selling in the last half an hour in line with weakness in European markets pushed it towards the negative terrain.
The Bombay Stock Exchange 30-share barometer resumed nearly stable and moved in a range of 19,754.66 and 19,602.71 before ending at 19,646.21, a fall of 37.02 points or 0.19%. In the last four trading sessions, Sensex had flared up by 805.27 points or 4.27%.
Similarly, the 50-issue CNX Nifty of the NSE also eased by 3.35 points or 0.06% to end at 5,942.35.
Losses in sensex constituents including RIL, Infosys, ICICI Bank, TCS, Tata Motors, Hero MotoCorp, ITC, Bajaj Auto and Wipro mainly weighed on the market. Rise in HDFC, Sun Pharma, L&T, M&M and Tata Power restricted the fall.
According to some brokers, market participants are now waiting for the outcome of the index of industrial production for January and consumer inflation data to be announced on Tuesday. The inflation data based on wholesale price index (WPI) for February is likely to be released on Thursday.
"While the markets remained sideways for most part of the day, towards the end of the day some early signs of weakness may have set in. And this could result in profit booking in this week," said Milan Bavishi, Head Research, Inventure Growth and Securities.
Meanwhile, signaling some recovery in the global markets, the country's exports for the second straight month in February grew by 4.25% while imports also rose by 2.6% in February.
Globally, European stocks fell from a over four-year high and Italian bonds slumped after reports said Fitch Ratings downgraded the nation's credit rating.