New Delhi: Markets lost all its initial strength and ended in red due to sustained selling pressure, as investors looked to book profits in the second half of Monday’s trading.
Unpredictable corporate earnings along with weak European markets also influenced the indices. Investors were also clueless if the Reserve Bank of India would introduce rebates in the monetary policy to revive the economy.
The Bombay Stocks Exchange benchmark Sensex started the day flat following mixed cues from Asia. Soon indices rallied upto 1.7% on some buying support from the foreign funds.
Among sectors bank, FMCG, pharma, IT and oil and gas stocks were under selling pressure. However, majority of the indices like metal, consumer durables, capital goods, realty and power stocks remained made moderate gains.
Near closing the 30-share BSE index began shedding and fell below 11,000 level by 43.59 to 10,979.50 and the 50-share NSE Nifty closed lower by 7.30 points at 3,370.10.
Fall in the BSE index was led by ICICI Bank by 3.38% to Rs426.55, NTPC Ltd by 3.37% to Rs186.55, Hindalco by 2.46% to Rs53.55, Grasim Industries by 2.42% to Rs1,595.20, Tata Power by 2.39% to Rs859.30, Tata Consultancy Services Ltd by 2.21% to Rs560.40, Housing Development and Finance Corp by to 2.16% to Rs1,754.05 and ITC Ltd by 1.94% to Rs184.20.
Among the gainers Reliance Infrastructure topped by 5.83% to Rs697, Jaiprakash Associated by 5.02% to Rs117.15, HDFC by 2.25% to Rs246.10, Tata Motors by 4.15% to Rs399.30, Sterlite Industries by 2.81% to Rs883.90 and Larsen and Toubro Ltd by 2.01% to Rs262.85.
Asian markets started low but ended mostly higher on expectations of positive results from US companies like Bank of America, Coca-Cola, Microsoft, IBM and McDonald’s. Japan’s Nikkei ended 0.19% higher and Hang Seng closed 0.96% up.