Sensex snaps 6-day rally on profit-booking; down 83 pts
The BSE benchmark Sensex regained the 19,000 points mark after a gap of nearly two months today on persistent buying in all sectors and sustained capital inflows from foreign funds into the equity market amid higher Asian cues.business Updated: Jul 01, 2011 17:04 IST
Snapping 6-day rally, the BSE index Sensex fell 83 points to 18,763 on profit booking in blue chips like RIL, L&T and HUL, although it had touched intra-day high of 19,000 after two months.
Reliance Industries, with heaviest weight in the 30-stock Sensex, dropped 3.95% to Rs 862.15. Bharti Airtel lost 2.99% to Rs 383.45 and Maruti Suzuki by 2.18% to Rs 1,133.15 after sales declined for the first time since December 2008 as a strike curbed production.
Other losers were Tata Steel, Jindal Steel, Larsen and Toubro, Hindustan Unilever, HDFC Bank, HDFC Ltd, Cipla, Mahindra and Mahindra and ITC Ltd.
The Bombay Stock Exchange benchmark Sensex, which had gained nearly 1,300 points in the last six sessions, fell by 83.07 poins to 18,762.80. The gauge had regained the 19,000 level in early trade for the first time since May 3.
Similarly, the National Stock Exchange (NSE) index Nifty, after testing 5,700 mark fell 20.20 points to 5,627.20.
However, the decline was checked as IT stocks, led by Infosys, saved the market from any major fall following a better trend in overseas markets. About half of Indian software firms' revenues come from US and Europe.
Realty, metal, power, bank and FMCG sector stocks were also higher.
ONGC, the largest state-owned oil explorer spurted by 0.88% to Rs 276.30 and Cairn India by 4.81% to Rs 325.70 after the government made the recovery of royalty payments a condition for the planned acquisition of a stake by Vedanta Resources in Cairn India.
Bucking the general weak trend, realty sector gained the most by 3.01 percent to 2,080.70 as the biggest developer DLF Ltd surged 4.65% to Rs 220.35 on reports that the company may sell its stake in special economic zones in Pune and Noida to cut debt.
First Published: Jul 01, 2011 09:38 IST