Sensex snaps gaining trend, falls 120 pts; RIL, ICICI decline
Snapping a four-day rally, the BSE benchmark Sensex on Friday fell from six-week high by losing 120 points dragged down by RIL, ICICI Bank and TCS amid a weak global trend.business Updated: Apr 26, 2013 17:13 IST
Snapping a four-day rally, the BSE benchmark Sensex on Friday fell from six-week high by losing 120 points dragged down by RIL, ICICI Bank and TCS amid a weak global trend.
The Sensex declined by 120.23 points, or 0.62%, to 19,286.72. On Thursday, the gauge had climbed to a level last seen on March 15. It had gained 676 points in the last four sessions.
Similarly, the wide-based National Stock Exchange index Nifty fell by 44.85 points, or 0.76%, to 5,871.45 led by two most heavy weight Reliance Industries and Infosys.
Brokers said besides investors booking profits at higher levels, a weak earning by JSPL triggered selling.
Jindal Steel fell by 4.29% to Rs 314.70 after the company's consolidated net profit fell by nearly 35% for the quarter ended March 31.
Traders said a weakening trend in the Asian region and lower opening in Europe on earning concerns also shadowed the domestic markets.
Among the lenders, ICICI Bank led the fall dropping 2.82% to Rs 1,144.30, State Bank of India fell by 1.78% to Rs 2,289.55, after the recent upsurge on hopes the Reserve Bank might cut interest rate in its policy meeting on May 3.
ICICI bank on Friday reported 21% jump in net profit at Rs 2,304.07 crore for the fourth quarter that ended March 31.
In 30-BSE index components, 19 stocks declined led by two most heaviest RIL and Infosys, with their nearly 16% weightage, dropping 3.19% to Rs 793.15 and by 0.66% to Rs 2,212.30, respectively.
However, auto stocks gained as Maruti Suzuki rose by 5.57% to Rs 1,673.45 on higher earnings and saved the market from any major fall.
The realty sector suffered the most by losing 2.20% to 1,892.92 followed by oil and gas index by 1.61% to 8,691.77. IT index fell by 1.51% to 5,614.92 and banking index by 1.39% to 14,343.35.