Mumbai, Nov 27: The Sensex today closed in the red at 19,127.73 on the Bombay Stock Exchange with a loss of 119.81 points on sustained heavy selling pressure by FIIs and local financial institutional investors.
The market ended lower after the rise in the past two sessions, due to losses in the US markets on renewed worries over the fallout from the US subprime mortgage crisis.
Banking and metal shares declined, while Realty and IT shares were in demand even as Mid-cap and small-cap stocks bucked the trend. The Market breadth was negative. 15 out of 30 stocks in the Sensex pack were in red. European markets, which opened after Indian market, were mixed.
In Europe, key indices in UK and France were up by between 0.06 pc to 0.24 pc. Germany's DAX index was down by 0.38 pc.
South Korea's Seoul Composite index was up by 0.24 pc and Japan's Nikkei 225 index was up by 0.58 pc. Key benchmark indices in Hong Kong, China, Singapore and Taiwan were down by between 1.3 pc to 1.97 pc.
The Dow Jones industrial average slid by 237.44 points, or 1.83 pc, to close at 12,743.44 yesterday. The Standard&Poor's 500 Index sank by 33.48 points, or 2.32 pc, to 1,407.22. The Nasdaq Composite Index was down by 55.61 points, or 2.14 pc, to close at 2,540.99 which affected to downward trend at the Indian bources, brokers pointed out.
Bargain hunting had triggered a surge on the domestic bourses in the past two trading sessions. Earlier, FII sales caused by redemption pressure in their home countries and fears of a US recession arising from housing slump and credit crisis had spooked stocks across Asia over the past few days.
Select Asian markets recovered after Abu Dhabi Investment Authority reached a deal to buy an equity stake in Citigroup. US stocks tumbled yesterday as investors were worried over rising US mortgage defaults and credit market losses, fuelling fears that US consumers will slash spending during the vital holiday season.
The 30-share BSE Sensex resumed lower at 19,128.86 points. The Sensex hit a low of 19,019.33 in morning trade. At day's low, the Sensex shed 228.21 points from its last close.
The broader based S&P CNX Nifty index of NSE ended down by around 32 points or 0.59 pc to 5699.15 points from its last close of 5731.70 points.
The BSE Mid-Cap index was up by 0.14 pc to 8,396.22, off session's low of 8,310.55. The BSE Small-Cap index was up by 0.26 pc to 10,370.13, off session's low of 10,293.30.
BSE clocked a turnover of Rs 5795 crore, lower than yesterday's Rs 6,035.19 crore.
Bharti Airtel fell by 3.22 pc to Rs 917.45 followed by ICICI Bank by 2.39 pc to Rs 1129, Reliance Energy by 2.4 pc to Rs 1753, Hindalco Industries by 1.80 pc to Rs 190.80 and NTPC by 1.70 pc to Rs 234.55.
Bharat Heavy Electricals (Bhel) moved up by 2.76 pc to Rs 2677, followed by Bajaj Auto by 3.20 pc to Rs 2670, TCS by 1.02 pc to Rs 995, Wipro by 1.55 pc to Rs 457.15 and State Bank of India by 1.68 pc to Rs 2280.
India's largest private sector firm by market capitalisation and oil refiner Reliance Industries fell by 1.42 pc to Rs 2842.
The largest software exporter by sales Infosys Technologies declined by 0.03 pc to Rs 1575.80.
FIIs made heavy purchases in index-based futures yesterday when Sensex had surged 395 points or 2.09 pc to 19,247.54 on the back up rally across global markets. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 2, 098.07 crore and sold index options worth Rs 3.35 crore on Monday.
They were net sellers of stock futures to the tune of Rs 50.70 crore and sold stock options worth Rs 0.32 crore. FIIs were net buyers to the tune of Rs 2, 043.70 crore in the futures&options segment on Monday.