BSE Sensex gives up early gains; logs worst weekly drop in 4 mths

May 30 2014, 17:46 IST
Comments 0
BSE Sensex ends 17 pts lower at 24,217.34; NSE Nifty closes 6 pts down at 7,229.95. (PTI) BSE Sensex ends 17 pts lower at 24,217.34; NSE Nifty closes 6 pts down at 7,229.95. (PTI)
SummarySensex closed 0.07 pct lower at 24,217 pts, while Nifty ended 0.08 pct down at 7,230 pts.

The benchmark BSE Sensex today failed to hold to to early gains and ended 17 points lower due to losses in banking and consumer durable shares, logging its worst weekly drop since January.

Profit-booking ahead of GDP data later this evening and RBI monetary policy review next week were among the factors that led to markets closing on a negative note, said brokers.

In volatile trade, the 30-share BSE index commenced the day strong and touched an intra-day high of 24,353.59 from its previous close. However, it gave up all gains and settled lower by 16.81 points, or 0.07 per cent, at 24,217.34.

Yesterday, it had fallen 322 points.

In Sensex, 14 stocks declined led by State Bank of India (SBI), Axis Bank, HDFC Bank, HDFC, ICICI Bank, Maruti Suzuki, Tata Motors and TCS.

On the other hand, Hindustan Unilever, Bharti Airtel, Cipla, Dr Reddy, Sun Pharma and NTPC were among 16 gainers.

On a weekly basis, the Sensex fell 476.09 points. This was its biggest loss since the week ending January 31, 2014 when it had weakened by 619.71 points.

For the month, the BSE Sensex gained a whopping 1,800 points -- logging its best monthly performance in recent times.

The 50-scrip NSE index Nifty today ended lower by 5.70 points, or 0.08 per cent, at 7,229.95. Intra-day, it moved between 7,118.45 and 7,272.50.

Mixed trend in global market and absence of any positive cues on the domestic front as most of events, including government formation, have been factored in, traders said.

Financial and banking stocks remained under pressure ahead of the RBI's policy review on June 3.

Foreign institutional investors sold shares worth a net Rs 522.90 crore yesterday, as per provisional data. The sentiment remains weak due to FII selling, traders added.

Sectorwise, the BSE Consumer Durables sector index fell the most by 1.78 per cent, followed by Banking index (1.59 per cent) and Oil & Gas index (0.14 per cent). However, the Healthcare index ended 2.59 per cent higher and Realty index was up 2 per cent.

Shrikant Chouhan, Head- Technical Research, Kotak Securities: On Friday, the market remained neutral to weak on back of profit taking into frontline stocks that have participated heavily in the run up after the announcement of the elections results. However, technically the Nifty has managed to survive above the crucial mark of 7200. Even MSCI index rebalancing has played an important role

Single Page Format
Ads by Google
Reader´s Comments
| Post a Comment
Please Wait while comments are loading...