Markets snap from rallying to end in red

Markets snap from rallying to end in red
PTI
Comment E-mail Print Share
First Published: Tue, May 05 2009. 05 18 PM IST
Updated: Tue, May 05 2009. 05 18 PM IST
Mumbai: The Sensex seemed to be consolidating at 12,000 level in volatile trade on Tuesday after two days of massive gains as the benchmark index, after being in and out of positive territory, ended flat at 12,131.08.
Selling in select key pivotals, mainly FMCG and IT counters, weighed on the bellwether index while stocks of realty, metal, capital goods and banks were in keen demand and helped the Sensex make good its early losses.
The Bombay Stock Exchange 30-share barometer initially fell to a low of 11,985.88 before ending the day at 12,131.08, a decline of just 3.67 points or 0.03% from its previous close. At the day’s low, it was down by nearly 149 points.
Bonanza Portfolio Assistant Vice-President Avinash Gupta said: “There has been profit taking in the market. After yesterday’s surge investors today turned cautious. The market would remain flatish and trade in the sideways zone.”
Yesterday, the Sensex had gained by a whopping 731.50 points, the largest rise in absolute terms in 2009, or 6.41%, after gaining 401.50 points on April 29.
The 50-issue Nifty of the National Stock Exchange, however, inched up by 7.90 points or 0.22% to 3,661.90 from last close.
Selling pressure was at the counters of Reliance Industries, Infosys, Tata Consultancy Services, State Bank of India and Housing Development Finance Corp. The four together carry nearly 37 per cent weight in the Sensex.
Comment E-mail Print Share
First Published: Tue, May 05 2009. 05 18 PM IST
More Topics: BSE | NSE | Sensex | Markets | Stocks |