Sensex ends lower, RIL down

Sensex ends lower, RIL down
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First Published: Mon, Dec 10 2007. 05 46 PM IST
Updated: Mon, Dec 10 2007. 05 46 PM IST
Agencies
Mumbai: The benchmark Sensex ended lower on the Bombay Stock Exchange (BSE) on 10 December, on selling pressure in capital goods and metal sectors.
The BSE barometer fell by 35.32 points to 19,930.68, following a steep fall in Reliance Industries and BHWL stocks. The index touched an intra-day high of 20,095.69 points and a low of 19,834.01 points.
The National Stock Exchange index Nifty also lost 13.70 points at 5,960.60, after touching the day’s high of 6,015.30 and a low of 5923.35 points.
However, a steep rise in sectors such as realty, consumer durable, banking and PSU saved the market from any major fall. PTI
Morning update
Mumbai: The market edged higher on Monday, 10 December, on hopes a widely expected US rate cut on Tuesday would accelerate foreign portfolio inflows, but trading was choppy on political uncertainties.
At 11:02am, the 30-share BSE Sensex was up 37.39 points at 20,003.39, with 16 components gaining.
In early deals, the market climbed to 20,095.69, at which point it was only 0.7% away from a life high of 20,238.16 hit on 30 October.
“All the emerging markets, including India, are expecting huge fund flows on expectations of a rate cut by the Fed,” said Deven Choksey, CEO and managing director at KR Choksey Shares & Securities.
The US Federal Reserve is expected to lower the federal funds rate by a quarter point to 4.25% on Tuesday, with analysts ruling out a larger reduction after strong US payrolls data last week.
A half percentage Fed cut in mid-September had triggered foreign inflows of $7 billion in the following six weeks, driving the Sensex to a series of record highs.
Foreign funds have invested more than $16 billion in Indian equities so far in 2007.
Traders said concerns about the future of India’s ruling coalition kept the market away from scaling a new high, after communist allies hardened their opposition to a nuclear energy deal with the United States.
ICICI Bank led the rise, gaining 1.4% to Rs1,265.20, while top engineering and construction firm Larsen & Toubro climbed 1% to Rs4,303.95.
The 50-share NSE index Nifty was down 0.17% at 5,963.45. Reuters
Opening
Mumbai: The Bombay Stock Exchange benchmark Sensex opened higher by 130 points today on sustained buying by funds.
The 30-share index, Sensex, rose by 129.69 to 20,095.69 points in the first five minutes of trade supported by heavy-weight stocks like Reliance Industries, Bharti Airtel and ICICI Bank.
Similarly, the wide-based National Stock Exchange index, Nifty, went up by 41 points to 6,015.30. PTI
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First Published: Mon, Dec 10 2007. 05 46 PM IST