BSE Sensex, NSE Nifty fall to 2-wk lows, Mahindra and Mahindra, Tata Power drag

Jun 20 2014, 18:23 IST
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BSE Sensex is down, but gold price climbs Rs 605 to trade at one-month high of Rs 28,625 per 10 gram. (AP) BSE Sensex is down, but gold price climbs Rs 605 to trade at one-month high of Rs 28,625 per 10 gram. (AP)
SummaryBenchmarks BSE Sensex and NSE Nifty today extended losses for the third day...

closer to multi-year highs. Key indices in France, Germany and UK moved up by 0.06 per cent to 0.17 per cent.

Turning to the local market, 23 scrips out of 30-share Sensex pack ended lower while 7 counters finished higher.

Major losers were M&M (2.87 per cent), Tata Power (2.74 per cent), Hindalco Industries (2.18 per cent), Sun Pharma (2.01 per cent), Sesa Sterlite (1.08 per cent), SBI (0.98 per cent), ICICI Bank (0.90 per cent) and BHEL (0.77 per cent).

However, Axis Bank moved up by 1.35 per cent, Bajaj Auto 0.70 per cent, Bharti Airtel 0.52 per cent and TCS 0.50 per cent, among others.

Among the S&P BSE sectoral indices that closed lower were Healthcare 0.95 per cent, Auto 0.91 per cent, Capital Goods 0.84 per cent, Power 0.78 per cent and Metal 0.65 per cent. However, Consumer Durable index rose by 3.47 per cent.

For the week, the Sensex fell 122.66 points after it shed 168.29 points in the previous period. The Nifty weakened by 30.65 points for the week ended June 20, after dropping 41.30 points in the week before that.

Mmarket breadth remained negative as 1,671 stocks closed with losses while 1,297 finished with gains. Total turnover dropped further to Rs 3,056.97 crore from Rs 3,883.53 crore yesterday.

Dipen Shah, Head- Private Client Group Research, Kotak Securities: Markets were lackluster over the week. The sharp rise in crude prices because of the Iraqi issue dampened the sentiments. The US Fed continued with its taper program and indicated that, the US economy continues to gain strength. This was a positive. The geo-political issues globally have kept the rupee under pressure over the past few sessions. Going ahead, we see the monsoon progress and the budget to be the two most important triggers for the markets. We feel that, a progressive budget as well as other reform initiatives will likely lead to continued outperformance of Indian indices v/s emerging market peers. However, if there is a continued rise in crude price, it will be a negative from the CAD, rupee and inflation perspective.

Market outlook by Vivek Gupta, Director Research, CapitalVia Global Research Limited: Markets opened on a negative note as Asian shares got off on the back foot on Monday, as crude extended gains and tested nine-month highs on fears the insurgency in Iraq could worsen

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