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Markets fail to hold early gains, Sensex closes below 19k

Markets fail to hold early gains, Sensex closes below 19k
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First Published: Wed, Nov 28 2007. 04 24 PM IST
Updated: Wed, Nov 28 2007. 04 24 PM IST
Closing
Mumbai: The markets failed to hold early gains and tumbled with the Bombay Stock Exchange benchmark Sensex closing below 19,000 points level today on selling by funds in heavyweight stocks.
The Sensex, which commenced the day with a gain of 189 points, rolled down to close at 18,938.87, down by 188.86 points.
The barometer touched the day’s low of 18,884.20 and a high of 19,316.76 points.
The key-index had last seen a level below 19,000 points on 25 October, when it traded at 18,770.86 points.
Similarly, the second wide-based National Stock Exchange index Nifty lost 70.60 points at 5,617.55.
Nifty touched the day’s low of 5,595.50 and a high of 5,749.95 points.
The major weakness was noticed in metal stocks which pulled down the index by 367.69 points at 16,976.36, followed by oil and gas index by 279.42 points at 11,917.58. Capital goods index also lost 198.54 points at 19,554.19.
Auto index firmed by 55.94 points at 5404.15, averted the Sensex from any further fall.
Late Afternoon
Mumbai: Sensex slipped into negative territory on Wednesday afternoon, surrendering morning gains of as much as 0.99%, with index heavyweight Reliance Industries leading the losses.
At 2:20 pm, the main BSE 30-share index was down 0.1%, or 19.92 points, at 19,107.81, after opening at 19,316.76, its high for the day so far.
The 50-share NSE index was down 0.62% at 5,662.70 points.Reuters
Late Morning
Mumbai: Sensex, which bounced by 189 points during morning trade today, faced resistance at higher levels on fresh short-covering and roll over of positions ahead of December series.
Generally, operators were engaged in squaring positions before November contract of derivatives expired on Thursday.
The 30-share index started off strong at 19,316.76, a gain of 189.03 points over previous close of 19,127.73.
Later, it faced some resistance and fell to 19,225.30, down 97.57 points, at 10.30 am.
The broader S&P CNX Nifty of the National Stock Exchange also was quoted up 19.25 points at 5,717.40 at 10.30 am from yesterday’s close of 5,698.15.
Market players said about 51% open positions in Nifty futures have already been rolled over to December series. The total roll over in the F&O segment was in the range of 42-45% with two more days for expiry of contract.
The roll over is relatively low and will determine the future direction of the market, they added. PTI
Opening
Mumbai: Sensex opened 108 points higher on Wednesday, led by gains in ICICI Bank, but the trade was choppy a day ahead of the monthly expiry of the derivatives contracts.
At 9:58 am, the main 30-share BSE index was up 0.57%, or 108.37 points, at 19,236.10, with 27 components rising.
The 50-issue NSE index was up 0.54% at 5,728.85 points.Reuters
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First Published: Wed, Nov 28 2007. 04 24 PM IST
More Topics: Shares | Stocks | Markets | Sensex | Nifty |