Sensex sheds morning gains, loses 103 point

After a week of gains and the end of the Diwali celebrations the market slumped in the closing hour and witnessed profit booking in the stocks that were among the gainers in the last week. Despite the strong performance by the major US and UK indices on Monday and the fact that most of the Asian markets in today's trade closed in green, the Indian markets ignored the global trend and closed in red. The Sensex had started the day with marginal gains owing to positive cues from the global indices. However, later in the day, due to the weak opening of the European markets doubled with the selling pressure in the heavyweights the Sensex lost 0.64%. Leaving Jakarta Composite and Strait Times that lost 0.74% and 0.19% respectively, the rest of the major Asian indices ended the day with marginal gains in the range of 0.03-1.52% each. The Sensex ignored the positive Asian cues and ended the day with a loss of 103 points. In today's trade, European indices (FTSE 100) opened weak but are currently trading marginally lower (FTSE 100 at 5278, about four points below its previous closing).

Even today the markets bucked the global trend, wherein the Sensex opened at 17415, 89 points above its previous closing owing to a strong global support. However, it lost steam during the closing trades and ended the day with a loss of 0.59% due to the heavy selling in the Oil & Gas, CD and CG stocks along with weak European opening. The Sensex during the day went to hit the low of 17185 and it closed at 17223, down by 103 points. On the other hand, the Nifty declined by 27 points to end the day at 5114. Even the Singapore Nifty that was trading higher in the morning trade closed 32 points lower to its previous day’s closing settlement price. The market breadth was fairly negative as out of 2,844 stocks traded on the BSE, 1,471 stocks declined, 1,322 stocks advanced and 51 stocks ended unchanged.

Among the sectoral indices the BSE Realty, Metal and IT indices surged the most with gains in the range of 0.34-0.90%, followed by the BSE Auto index that rose marginally by 0.20%. The remaining sectoral indices closed in red, wherein the BSE Oil & Gas, CD and CG indices, which were among the top gainers in the last week, ended the day with a loss of over 1% each. On the stocks front, Hind Copper jumped the most and surged by 6.39% to Rs232.30, followed by Andhra Bank that rose by 5.65% to Rs121.55. Stocks like Alstom Projects India and Yes Bank ended the day with gains of over 5% each. Among the losers, Zee Entertainment fell the most by 4.06% to Rs243.15, followed by Essar Oil that fell by 4.01% to Rs165, while stocks like EIH, Sun TV Networks, PTC India, India Infoline, Sesa Goa, Suzlon Energy, Crompton Greaves and Mahindra and Mahindra declined by over 3% each.

On turnover front, over 1.50 crore shares of Reliance Natural Resources changed hands on the BSE followed by Ispat Industries (0.99 crore shares), GVK Power & Infrastructure (0.96 crore shares), Unitech (0.88 crore shares) and IFCI (0.42 crore shares).

Events outcome

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