Mumbai, Sept 17: As investors turned cautious ahead of the crucial US Federal Reserve's meeting tomorrow, that will set the trend for global markets, the 30-scrip Sensex today tumbled by 99.37 points on the Bombay Stock Exchange (BSE) to settle in the red at 15,504.43.
''The market lost ground towards the close of trading session.
The market had started the day on a firm note at 15,666.74 and had even breached the 15,700 level to touch an intra-day high of 15,726.06 on buying interest for index pivotals. However, it lost ground in early afternoon trade after European markets, which opened after Indian market, slid in early trade. Investors have turned cautious ahead of the crucial US Federal Reserve's meeting tomorrow.
The Fed is expected to cut the interest rate by atleast 25 basis points,'' market pundits explained.
Similarly, among the broader markets too, the 50-stock National Stock Exchange (NSE) S&P CNX Nifty tanked around 24 points to settle lower at 4,494.65 from its previous close of 4,518.00 after opening marginally higher at 4,518.45 and moving between 4,549.05 and 4,482.85 during the day's trade.
The BSE Consumer Durables index struck an all time high of 4,735.91 led by rally in two heavyweights Rajesh Exports and Titan Industries. It finally settled higher with a gain of 146 points, 3.21 per cent, at 4,713.97 and was the top gainer among the sectoral indices, BSE data showed.
The market breadth was just about positive on the BSE, with 1,362 shares advancing as compared to 1355 that declined, while 66 remained unchanged. The breadth was much stronger in early trade when 1,305 shares had risen, 728 had declined and 52 were unchanged.
The total turnover here amounted to Rs 4,661 crore. Among the 30-share Sensex pack, 16 slipped while 14 gained.
While, Reliance Energy, Maruti Udyog, Bajaj Auto and Tata Motors edged higher, the prominent laggards include Reliance Industries, (RIL), HDFC, TCS, Infosys Technologies, Satyam Computers, Wipro, Bharti Airtel and Reliance Communications.
European markets which opened lower today extended their fall.
Key benchmark indices in United Kingdom tanked 1.84 per cent to 6,173.60, in Germany slumped 0.63 per cent to 7,450.16 and in France slipped 1.75 per cent to 5, 442.20.
India's largest private sector power utility company in terms of sales, Reliance Energy gained 2.71 per cent to Rs 906.60 on 13.43 lakh shares. The stock has surged 23 per cent in the past month from Rs 717.50 on August 16 to Rs 882.65 on September 14, boosted by the apex court's ruling that allows the company to bid for the Rs 2,600 crore Mumbai sea link project.
Auto stocks gained on renewed buying interest in anticipation of robust sales growth in the coming months during festival season.
Maruti Udyog, Bajaj Auto and Tata Motors edged higher.
India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) settled 0.61 per cent lower to Rs 2,022 on 3.62 lakh shares.
Housing Development Finance Corporation (HDFC), the nation's top mortgage lender in terms of revenue, lost 3.31 per cent to Rs 2,143.50 on 72,982 shares. It was the top loser from the Sensex pack.
Information technology (IT) shares were subdued throughout the day due to lingering concerns of possible US recession. TCS, Infosys Technologies, Satyam Computers and Wipro were the other losers from the IT pack. Telecom pivotals Bharti Airtel and Reliance Communications slipped on profit booking.
Asian markets were trading mixed today. Taiwan's Taiwan Weighted tanked 1.46 per cent or at 8,899.91, Singapore's Straits Times slipped 1.70 per cent at 3,476.31 and Hang Seng slumped 1.20 per cent at 24,599.34 . However, South Korea's Seoul Composite gained 0.09 per cent at 1,871.66 and Shanghai Composite soared 2.06 per cent to 5,421.39.
Wall Street shares finished on a flat note last session, after investors looked past weaker-than-expected economic readings and focused on the ramifications of the Federal Reserve's decision on interest rates next week. The Dow Jones industrial average rose 17.64 points, or 0.13 per cent, at 13,442.52. Broader stock indicators likewise showed modest gains. The Standard&Poor's 500 index rose 0.30 points, or 0.02 per cent, to 1,484.25 and the Nasdaq Composite index edged up 1.12 points, or 0.04 per cent, to 2,602.18.
Crude oil prices continued a retreat from record highs today after tropical storm Ingrid faded in the Atlantic over the weekend, soothing fears it could hit Gulf of Mexico crude production and refining. US crude for October fell 51 cents to USD 78.59 a barrel.
London Brent crude for November traded 27 cents lower at USD 75.95 a barrel.