In volatile trade,BSE Sensex today fell by 64 points on selling in oil & gas,FMCG and banking shares as investors churned portfolios ahead of expiry of monthly derivatives contracts Thursday. *Stocks: Top Gainers/Top Losers
After a better start at 19,978.49,the Sensex failed to sustain gains and touched the day’s low of 19,658.74.
Sectorally,the BSE Oil and Gas sector index suffered the most by losing 1.36 per cent,followed by FMCG index (1.12 per cent),Banking index (0.94 per cent) and Realty index (0.56 per cent). Bucking the general weakening trend,Bharti Airtel,Bharat Heavy Electricals Ltd (BHEL),Cipla Ltd,Dr Reddys Laboratories,Hero MotoCorp,Hindalco Industries Ltd,Larsen & Toubro (L&T),Oil & Natural Gas Corp (ONGC),Sesa Goa,Tata Motors,Tata Consultancy Services (TCS) and Sun Pharmaceuticals Industries gained.
However,some value-buying in blue-chips in the last one and half hours of trade helped Sensex recoup some losses to end at 19,856.24 — still down 63.97 points,or 0.32%. On similar lines,the broad-based NSE Nifty lost 18.60 points,or 0.32 per cent,to close at 5,873.85,after shuttling between 5,910.55 and 5,811.10. Also,SX40 index,the flagship index of MCX-SX,ended 72.51 points down at 11,778.7.
“Consistent selling pressure in index heavy weights like Reliance Industries (RIL),HUL,HDFC Bank and ITC Ltd weighed…September has been very volatile owing to quite a few macro-economic events. Global,domestic developments coupled with political happenings continue to worry markets,” said Rakesh Goyal,Senior VP,Bonanza Portfolio. Mixed cues from overseas markets after US consumer confidence slumped in Sept to 4-mth low,further influenced market sentiment,brokers said.
Major Sensex losers include Reliance Industries which dropped by 2.93 per cent,HDFC Bank (2.78 per cent),ITC (1.36 per cent),HUL (1.52 per cent) and HDFC Ltd (1.01 per cent). Overall,15 stocks in the 30-share index declined.
Indian shares close at lowest in a week; blue chips weigh
(Reuters) India’s NSE index fell on Wednesday,led by declines in blue chip shares including Reliance Industries on caution ahead of equity derivatives expiry,although the index was seen taking support around its 200-day moving average for the second day.
Shares also tracked overseas markets which also dipped to a near one-week low on Wednesday as worries over a possible government shutdown in Washington and mixed signals on U.S. monetary policy kept investors in a cautious mood.
The outlook remained grim for the near term as foreign institutional investors (FIIs) were seen pausing for the time being over anxiety ahead of general elections due by May,while macroeconomic conditions remained weak,dealers said.
FIIs sold shares worth 210 million rupees on Tuesday,adding to Monday’s sales of 259 million rupees.
“The near-term outlook remains grim as the period around elections is usually used by people to lighten positions,” said G. Chokkalingam,managing director and chief investment officer at Centrum Wealth Management.
The benchmark BSE index fell 0.32 percent,or 63.97 points,to end at 19,856.24,marking their lowest close in a week. The broader NSE index also edged down 0.32 percent,or 18.60 points,to end at 5,873.85,after earlier falling as much as 1.38 percent,taking support around its 200-day moving average at 5,841.
Among blue chip shares,Reliance Industries Ltd fell 2.9 percent,while cigarette maker ITC Ltd ended 1.2 percent lower.
Financial Technologies (India) Ltd’s shares slumped 10.5 percent after its auditor,Deloitte Haskins & Sells,said its audit of the company’s fiscal 2013 results should not be relied upon.
The NSE bank index fell 0.9 percent,marking its fourth consecutive day of declines as a surprise rate hike by the central bank on Friday continues to weigh on lenders. ICICI Bank Ltd fell 1 percent,while HDFC Bank Ltd ended 2.8 percent lower.
In other rate-sensitive stocks,Bajaj Auto Ltd and Maruti Suzuki India Ltd fell 1.3 percent each.
However,State Bank of India Ltd rose 2.9 percent on unwinding of short positions in derivatives markets,dealers said.