Sensex closes 167 points down in choppy trade

Sensex closes 167 points down in choppy trade
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First Published: Thu, Jan 17 2008. 04 17 PM IST
Updated: Thu, Jan 17 2008. 04 17 PM IST
Closing
Mumbai: In the fourth straight weak session, Sensex fell further by 167 points today on heavy selling by funds, sparked by weak global trends.
The Sensex, which remained weak in past three trading sessions, ended lower by 167.29 points at 19,700.82, after touching the day’s low of 19,643.76 and a high of 20,026.12 points.
The key index lost nearly 1,127 points in the last four sessions as foreign funds refrained from enlarging their positions in view of concerns of recession in US after major bank Citigroup revealed heavy losses following sub-prime mortgage crisis.
Similarly, the wide-based National Stock Exchange index Nifty lost 22.55 points at 5,913.20, after dipping to 5,880.30 points level as most of the index-related stocks led by refiners closed with losses.
Marketmen said fears of inflation in US kept the overseas investors away from stock markets, while retail investors liquidated from secondary markets to invest in the Reliance Power IPO.
They said reports of a slow-down in neighbouring China’s economic growth also dampened the trading sentiment.
Oil and gas sector index suffered the most by losing 268.76 points at 13,381.37, followed by bank index by 192.71 points at 11,971.44.
Realty idnex dropped by 62.12 points at 12,763.19 and IT index by 29.34 points at 3853.54.
Late Afternoon
Mumbai: After trading in the negative zone through the morning Sensex bounced back in afternoon session to cross the 20k mark.
The BSE index was trading at 20,007.68, up 139.57 points at 1340 hours.
The broad-based Nifty was at 6,007.40, up 71.65 points at 1340 hours.
Late Morning
Mumbai: Indian shares extended their run of losses into a fourth session on Thursday, surrendering early gains as nervous investors dumped stocks on rising fears of a recession in the United States.
At 11:10 am, the main 30-share BSE stock index was down 0.58%, or 115.91 points, at 19,752.20, with half of its components in the negative zone. The index has fallen each day this week, losing 5.2%.
“Our markets are moving in tandem with the global markets. Investors have lot of concerns about the slowdown in the US and losses reported by the big banks,” said Dipak Acharya, fund manager at BoB Asset Management Company.
US stocks fell on Wednesday, after Intel Corp posted a disappointing profit and outlook, adding to a slew of indicators showing the world’s largest economy may be on the brink of a recession. Asian stocks were mixed on Thursday. “The quarterly numbers of the local firms are getting overshadowed by the turmoil in the global markets ... I don’t expect the markets to bounce back very soon,” Acharya said.
Brokerage India Infoline advised investors to book gains on every rise in the market.
The BSE index is now 2.6% below its 2007 close and nearly 7% off its record high of 21,206.77 hit on 10 January.
The trend was positive in the broader market with 1,460 gainers leading 1,026 losers on volume of 125 million shares.
Morning
Mumbai: Sensex today eased 31 points at 10.30 am, on the back of weak global cues but recovered major part of its initial losses on expectations of robust corporate results.
The 30-share index, Sensex opened better at 19,972.75 from yesterday’s close of 19,868.11 and tumbled to a low of 19,652.55 before being quoted at 19,837.05 , a fall of 31.06 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) also eased by 14.35 points to 5,921.40 at 10.30 am from previous close of 5,935.75.
Retail investors and operators went on buying spree on expectations of good results from RIL.
But an unexpected slowdown in the US retail sales and record quarterly losses posted by financial services giant Citigroup spooked markets across the global on Wednesday, mainly weighed on the other stock markets.
Third quarter results of Reliance Industries (RIL) will influence the market today given that RIL is a heavyweight in the key indices.
As per provisional figures, Foreign institutional investors (FIIs) were net sellers of Rs3,760 crore in the futures & options (F&O) while they pulled out Rs2,517.39 crore from cash market yesterday.
A meeting of the group of ministers (GoM) on fuel pricing is scheduled today. There had been reports recently that the government may hike petrol prices by a steep Rs4 per litre and diesel by Rs2 per litre.
However, Asian markets showed mixed trend at opening.
Opening
Mumbai: Sensex today recovered over 104 points on funds, covering their pending positions in early trade.
The BSE-30 share index, Sensex, which had lost over 383 points on previous day trade, gained by 104.64 points at 19,972.75 in the first five minutes of trade.
Similarly, the wide-based National Stock Exchange’s index Nifty rose by 34.20 points at 5,969.95 as heavy-weight stocks like Reliance Industries, Bhel and some banking shares traded higher.
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First Published: Thu, Jan 17 2008. 04 17 PM IST
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