Stocks close down on weaker global markets

Stocks close down on weaker global markets

Mumbai: The Bombay Stock Exchange benchmark index Sensex broke its four-day rally on Wednesday and fell by 58 points on profit booking amid weak global sentiment.

The Sensex, which had gained about 800 points in the last four sessions, failed to extend the rally and closed lower by 57.74 points at 17,343.82, after fluctuating between 17,440.05 and 17,322.80 points.

The wide-based National Stock Exchange index Nifty too lost 18.50 points to 5,169.45. It touched a high of 5,197.05 and a low of 5,160.10.

Marketmen said funds sold in large quantities ahead of the monthly settlement in the derivative segment on Thursday.

On weak Asian cues, both the indices opened gap-down but returned to positive territory during the day, but renewed selling pressure and profit-booking pulled the indices down.

The market remained volatile throughout the day with alternate bouts of buying and selling as funds seen shifting their portfolios ahead of the end of the current month settlement in the derivatives section on Thursday.

Investors also joined the selling spree to book profits, after a huge rally in the past week which drove the markets to the highest level since May 2008.

Among the 30 Sensex counters, 16 stocks declined while 14 ended in the positive zone. FMCG, capital goods, metals and refinery stocks, which were saw major gains in last few sessions, led the fall.

A weak global trend and foreign funds remaining on Christmas-new year holiday also kept the trading sentiment subdued.