BackSensex surrenders early gains, falls 50 points
In a choppy trade, the BSE Sensex gave up early gains to settle 50 points lower at 27,440.14
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Mumbai: In a choppy trade, the BSE Sensex gave up early gains to settle 50 points lower at 27,440.14 on profit booking amid concerns over quarterly results to be below expectations and weakness in the Asian markets.
The market was weighed down by power, consumer durables, financials and auto segments. The 30-scrip index resumed higher at 27,561.32 and shot up to 27,603.71 in the early trade on firm global cues. However, it failed to hold on to the gains due to intense selling pressure in the latter half of the session and slumped to 27,338.23, before ending at 27,440.14—down 50.45 points, or 0.18%.
Re-emergence of buying at the fag-end on expectations that the Goods and Services Tax (GST) bill may be passed in the current session of Parliament, helped trimming losses. The gauge had gained 479.28 points in Monday’s trade following passing of the finance bill 2015 and the government’s clarification on minimum alternate tax (MAT).
Also, the CNX Nifty ended 7.15 points, or 0.09% down at 8,324.80 after hitting the day’s high of 8,355.65 and a low of 8,280.60 during the session. On the Sensex, Mahindra and Mahindra Ltd suffered the most by falling 2.27% to ₹ 1,172.05, followed by HDFC Ltd by 1.88% to ₹ 1,179.70. Other losers included, State Bank of India, Cipla Ltd, Bajaj Auto Ltd, Infosys Ltd, Coal India Ltd, HDFC Bank Ltd, Tata Power Co. Ltd, Hero Motocorp Ltd, NTPC Ltd, ITC Ltd, Bharti Airtel Ltd, Axis Bank Ltd, ICICI Bank Ltd and Bharat Heavy Electricals Ltd.
Of the 30 Sensex companies, as many as 16 ended lower and 14 finished higher. Sectorally, BSE Power index suffered the most by losing 0.84%, followed by consumer durables at 0.60%, infrastructure 0.42%, banking 0.17%, IT 0.08% and auto 0.03%.
However, mid-cap rose 0.60% and small-cap gained 0.08% on continued buying by investors. Foreign Portfolio Investors bought shares worth ₹ 60.53 crore on Monday, as per the provisional data. While Asian stocks ended lower, European stocks were trading higher.
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