Sensex in reverse gear, sinks 145 points to close at 25,591
The benchmark BSE Sensex fell about 44 points in early trade on Tuesday as stocks of IT, technology, FMCG and metal companies succumbed to profit-booking.business Updated: Dec 22, 2015 17:19 IST
The benchmark BSE Sensex switched gears again, this time reversing Monday’s rally as it dropped by over 145 points on Tuesday to close at 25,590.65 after investors booked profit amid mixed overseas cues.
The NSE Nifty broke below the 7,800-mark as IT, metal, FMCG and automakers led the fall.
Investors avoided building up their positions in a holiday-shortened week as markets will remain closed on Friday on account of Christmas and an approaching monthly expiry of the derivative segment next Thursday (December 31).
Weighed down by fresh selling, mostly due to profit-booking in blue-chips, the BSE Sensex remained in a range-bound before ending lower by 145.25 points, or 0.56%, at 25,590.65.
The gauge had gained 216.68 points in Monday’s trade on hopes that Parliament would manage to pass the crucial bankruptcy Bill.
The NSE Nifty after slipping below the 7,800-level closed at 7,786.10, down 48.35 points, or 0.62%.
Of the 30-share Sensex pack, 20 lost and 10 gained.
Stocks of IT exporters again came under selling pressure after the US Congress imposed a special outsourcing fee of up to $4,500 on H-1B and L-1 visas to fund a 9/11 healthcare Act and biometric tracking system.
Infosys, TCS and Wipro slid by up to 1.67%, dragging down the BSE IT index by 1.15%.
Other laggards were ITC Ltd, M&M, Adani Ports, Lupin, SBI, Hero MotoCorp, L&T Tata Motors, BHEL, Bajaj Auto, Tata Steel, RIL and Maruti Suzuki, which fell by up to 1.63%.
Offering some cheer, Sun Pharma, Axis Bank, Bharti Airtel, Asian Paint, GAIL, ICICI Bank and Hind Unilever advanced.
In broader markets, the BSE mid-cap index edged lower by 0.31% while small-cap shed 0.02%.
On the global front, Asian markets ended mixed. Japan’s Nikkei fell 0.16% while Hong Kong Hang Seng edged higher by 0.18%. The Shanghai Composite index rose 0.26% after China’s leaders signalled taking further steps to support growth.
European indices rebounded at the start of trading after falling heavily towards the end of the previous session.
Foreign portfolio investors (FPIs) net bought shares worth Rs 37.37 crore on Monday, as per provisional data.