Monday 29 August 2016
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Sensex Ends 59 Points Down As Selling Continues for 2nd Day

Mumbai

Markets today gave up initial gains with Sensex falling about 59 points to end at 27,026.70 and Nifty dipping over 9 points to close at 8,086.85 on profit selling in financial and auto stocks, amid weak global cues.

Losses were seen mainly in counters including HDFC, ICICI Bank, Tata Motors, Hero MotoCorp, Bharti Airtel, Coal India, BHEL and Tata Power, which weighed on the market.

Although Sensex ended in the negative zone, total market breadth was positive on the back of rally in second-line stocks on buying by retail investors. The S&P BSE Small-cap and Mid-cap indices outperformed the Sensex. They closed up by 1.25 per cent and 0.56 per cent respectively.

The 30-share Sensex resumed better and improved further to a high of 27,178.80, up by nearly 93 points, on the back of heavy buying by foreign funds. However, profit-selling erased the gains and the index ended at 27,026.70 -- a fall of 59.23 points or 0.22 per cent. It touched an intra-day low of 26,920.56.

Yesterday, it has dipped 54.10 points or 0.20 per cent. On Wednesday, it had zoomed to life high of 27,225.85 and then closed at record peak of 27,139.94.

For the week, the Sensex rose 388.59 points. This was its fourth straight weekly gain.

The wide-based 50-issue CNX Nifty of the NSE today moved irregularly in a range of 8,122.70 and 8,049.85 before closing at 8,086.85 -- a drop of 9.10 points or 0.11 per cent.

Meanwhile, provisional data showed Foreign Portfolio Investors invested a whopping Rs 1,697.74 crore yesterday.

Globally, Asian shares slipped Friday after European Central Bank unveiled fresh measures. Eyes are now on the release of US jobs data later on Friday, which could have a bearing on Fed policy.

Europe's main stock markets dipped in late morning trades today after data showed the 18-nation eurozone economy stagnated in the second quarter with zero growth.

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Construction and engineering firm JP Associates today plunged by over 10 per cent on concerns over reports that promoters sold some stake in the company. In two days, it has tumbled by nearly 28 per cent.

Jignesh Chaudhary, Head of Research, Veracity Broking Services, said: "Local equities closed weak on profit-booking. Initially in the morning session indices traded positively but soon investors curbed their positions."

Globally, barring China which ended with gains, other Asian stocks finished lower between 0.05 per cent and 0.33 per cent. Except Germany, other European markets like France and the UK were trading weak.

Yesterday, the European Central Bank (ECB) surprisingly cut its main policy rates and also announced additional measures to stimulate the deteriorating economy.

Back home, 17 shares from 30-share Sensex closed in the red while others finished in the green. Major losers were Hero MotoCorp 2.16 per cent, HDFC 2.10 per cent, Coal India 1.80 per cent, BHEL 1.50 per cent, ICICI Bank 1.46 per cent, Tata Motors 1.27 per cent, Tata Power 1.18 per cent and Bharti Airtel 1.18 per cent.

Among gainers, Bajaj Auto rose by 1.46 per cent, L&T 1.27 per cent, ONGC 1.12 per cent, SBI 1.10 per cent, Cipla 1.00 per cent and Sesa Sterlite 0.99 per cent.

Among S&P BSE Sectoral indices, Auto index declined 0.65 per cent, FMCG 0.32 per cent and Bankex 0.30 per cent while Realty firmed up 1.15 per cent, Capital Goods 0.89 per cent, Metal 0.69 per cent and IT 0.51 per cent.

Total market breadth turned positive as 1,753 stocks closed with gains while 1,247 concluded with losses.

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SECTION: Business
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