BackSensex ends four-day rising streak to close lower ahead of economic survey, budget
BSE Sensex trades lower by 33 points, or 0.12, to 27,850, while the Nifty 50 falls 9 points, or 0.10%, to 8,633
Premium
Mumbai: The Sensex on Monday recorded its first drop in five sessions, edging down 33 points, after investors took profit and adopted a cautious line ahead of the Economic Survey and the Union budget amid weak global leads.
The economic survey is due to be released on Tuesday and the budget on Wednesday. A lower closing in Asia and a muted opening in Europe amid concerns over President Donald Trump’s controversial immigration move induced fear, traders said.
“Markets are a little wary of what lies in the budget and have probably have rallied too far on the assumption that some good is in the offing," said Saurabh Jain, assistant vice-president of research at SMC Global Securities.
The 30-share barometer opened a shade lower and settled down 32.90 points, or 0.12%, at 27,849.56. The index had risen 847.96 points in the past four sessions. The 50-share NSE Nifty too dropped 8.50 points, or 0.10%, at 8,632.75.
Intra-day, it traded between 8,617.75 and 8,662.60. The uptrend in the previous four sessions came on the back of fresh foreign inflows and enthusiasm of domestic investors amid optimism ahead of the budget and on better-than-estimated earnings by several banks and other companies.
Tata Motors took the biggest hit, plunging 2.18%, followed by Tata Steel (1.56%). ONGC, SBI, Hero MotoCorp, Bajaj Auto, NTPC, TCS, Coal India, HDFC Bank, ITC Ltd, ICICI Bank, M&M, Maruti Suzuki, HUL, Wipro, Adani Ports and Axis Bank lost too.
The country’s largest mortgage lender, HDFC Ltd, also ended 0.13% down at Rs1,368.90 despite a 12.80% increase in consolidated net profit at Rs2,728.66 crore for the third quarter ended December.
Aditya Birla group’s Idea Cellular zoomed by more than 25% after global telecom giant Vodafone on Monday said it is in discussion with the company to merge its India mobile business.
Out of the 30, 19 Sensex stocks ended with losses, but 11 rose, keeping the fall in check. Among gainers, Bharti Airtel, RIL, Sun Pharma, Asian Paints, Infosys, Dr Reddy’s, Lupin, GAIL and L&T rose by up to 7.48%. It was a lacklustre trade at other Asian markets, with most being closed for a public holiday. Japan’s Nikkei declined 0.51%.
Elsewhere in Europe, shares were down in early trade, with London’s FTSE falling 0.71%, Paris CAC 40 0.78% and Frankfurt 0.57%.
Speaking sectorally, the BSE auto index got much hammering, down 0.88%, followed by banking 0.76%, PSU 0.69% and power 0.58%. Broader markets painted a mixed picture. The mid-cap index firmed up 0.28% while small-cap finished 0.32% down. Foreign portfolio investors (FPIs) net purchased shares to the tune of ₹ 211.77 crore on Friday, as per provisional data.
With inputs from Reuters
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
