New Delhi: Markets closed on negative note for third consecutive day this week, after erasing all its opening gains as investors continued booking profits on Wednesday.
Caution on political uncertainty re-surfaced as polling for second phase of 15th Lok Sabha elections is scheduled for tomorrow, 23 April.
The Bombay Stock Exchange benchmark Sensex opened on pleasant note tracking firm cues from Asia and US markets. Wall Street, followed by Asia made gains on optimism by comments from Treasury Secretary Tim Geithner that most US banks are soundly capitalized. RBI rate cuts announced on Tuesday also brought some respite in opening bell.
But soon investors looked to collect profits and indices began trading weak. The 30-share BSE index closed lower by 80.57 points at 10,817.54 and the 50-share NSE Nifty ended down by 35 points at 3,330.30.
Indices mostly under selling pressure were realty, consumer durables, capital goods, auto and power stocks However, some gains were earned among the FMCG and IT stocks.
Leading the losers from the BSE pack was Maruti Suzuki by 4.45% to Rs754.25, DLF Ltd by 4.30% to Rs227.15, Sterlite Industries by 3.87% to Rs367.70, Bhel by 3.55% to Rs1,583.05, Tata Power by 3.29% to Rs851.05, Sun Pharma by 3.25% to Rs1,180.25, Larsen and Toubro by 3.12% to Rs827.15, Mahindra and Mahindra by 3.11% to Rs424.35 and ONGC Ltd by 2.72% to Rs839.10.
Those that surged among the BSE pack were ACC Ltd by 5.26% to Rs645.75, Wipro by 2.70% to Rs281.65, Infosys Tech by 1.16% to Rs1,379.35, ITC Ltd by 0.74% to Rs189.90, Reliance by 0.59% to Rs1,716.10 and ICICI Bank by 0.35% to Rs400.20.
Near closing in Asian bourses, Geithner’s comments failed to convince investors about the health of the financial system. Japan’s Nikkei gained merely 0.8% and Hong Kong’s Hang Seng slipped by 2.7%.