Sensex snaps eight-day rally as Greece woes resurface
The benchmark BSE Sensex slipped by 75 points - its first fall in nine days - to 27,729.67 in late sell-off after news that the creditors rejected Greece's new proposal took a toll on the market sentiment.business Updated: Jun 24, 2015 19:03 IST
The benchmark BSE Sensex slipped by 75 points - its first fall in nine days - to 27,729.67 in late sell-off after news that the creditors rejected Greece's new proposal took a toll on the market sentiment.
After trading in positive zone for most part of the day, the index plunged over 200 from a high of 27,948.24 at the fag-end tracking losses in European stocks.
Greek Prime Minister Alexis Tsipras said some creditors haven't accepted the country's proposals for a deal.
"The insistence of certain institutions of not accepting parametric measures has never happened before - not in Ireland, nor in Portugal," he wrote in a Twitter post.
The repeated rejection of equivalent measures by certain institutions never occurred before-neither in Ireland nor Portugal. #Greece (1/2)— Alexis Tsipras (@tsipras_eu) June 24, 2015
This odd stance seems to indicate that either there is no interest in an agreement or that special interests are being backed. #Greece (2/2)— Alexis Tsipras (@tsipras_eu) June 24, 2015
Traders said profit-booking was witnessed in winners of recent rally.
The BSE Sensex after a positive start hit a high of 27,948.24 on sustained buying largely in tune with above-normal progress in monsoon.
However, it slipped towards the close on negative global cues and touched the day's low of 27,647.29, before settling 74.70 points or 0.27 % down at 27,729.67.
In previous eight sessions, BSE barometer had zoomed by 1,433.39 points or 5.4 % as better-than-forecasted monsoon raised hopes of a rate cut by RBI. The 50-share NSE Nifty after reclaiming the psychological 8,400-mark in early trade touched the session's high of 8,421.35, succumbed to profit-booking and settled 20.70 points or 0.25 % lower at 8,360.85.
Participants also preferred to trim positions ahead of Thursday's June month's expiry in the derivatives segment.
Hindalco was the biggest loser on the Sensex with a fall of 3.70 %, followed by Tata Steel by 2.98 %. Out of 30 Sensex stocks, 24 settled in negative zone.
Meanwhile, foreign investors sold shares worth Rs 374.97 crore Tuesday, as per provisional data. Globally, among other Asian markets Japan's Nikkei ended at 18-year highs.