Sensex slides by 117.89 pts, closes at 17,373

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Sensex
Mumbai, May 6: The key benchmark Sensex of the Bombay Stock Exchange (BSE) drifted lower for the second consecutive day today by 117.89 points and ended in the red at 17,373.01 on profit booking by local operators in view of discouraging advice from global markets.

The Sensex has slid by 227.11 points in the last two days and was quoted at 17,373.01 at the end of the session. The Nifty index of NSE declined by 83.55 points and ended low at 5144.65 with a modest loss of 47.60 points from its last close of 5192.25 points. Brokers said ''The key benchmark indices ended lower as investors resorted to profit booking due to lack of positive triggers in the market. Selling pressure was seen in mid-caps and small-caps counters with their barometers underperforming the Sensex. Realty and power stocks were the worst hit, whereas FMCG and metal stocks were on the positive side. IT pivotals recovered at the fag end of the session after Rupee slipped to an eight-month low against the dollar.

European markets, which were mostly positive in early trade, slipped later, led by Swiss bank UBS, after it unveiled big job cuts.

Key indices in Germany, France and UK were down 0.16 per cent to 0.42 per cent (pc). UBS said it will slash 5,500 jobs or almost 7 pc of its workforce, and has a preliminary deal with US asset manager BlackRock Inc to sell a USD 15 billion portfolio of subprime mortgages. It also reported a sharp slowdown in money entrusted to it by wealthy clients.

In contrast, most of the Asian markets recovered after trading negative in early trade. Key indices in Singapore, South Korea, Hong Kong and Taiwan were up 0.23 pc to 0.58 pc. However, China's Shanghai Composite was down 0.73 pc, leading to downward trend in the Indian bourses. Japanese markets are closed today on account of a holiday.

The 30-share BSE Sensex resumed low at 17,441.41 points and later recorded day' s low of 17,237.68, hit in mid-afternoon trade. Sensex gained 11.25 points at day's high of 17,502.15, hit at the onset of trading session. Similarly, The broader based S&P CNX Nifty index national Stock Exchange (NSE) declined by 47.60 points or 0.92 per cent to close at 5144.65. It resumed flat at 5192.35, recorded the day's high at 5206.50 and a low at 5110.90 points.

The market breadth was negative on BSE with 984 shares advancing as compared to 1699 stocks that declined. 69 stocks remained unchanged. The BSE major indices also slid as BSE REALTY index declined sharply by 404.36 to close at 8337.03 points, followed by CG index by 255.48 to close at 13,954.55 points, PSU index by 109.10 points to 8089.30, SML CAP index by 98.11 to 8749.24, POWER index by 73.00 to 3315.61 points, MID CAP index by 68.95 to 7230.31, HC index by 60.72 to 4235.32, OILS&GAS index by 54.67 to 11,644.51, BANKEX index by 41.91 to 9088.70 and AUTO index by 40.03 at 4772.10 points.

However, a few indices looked up as IT index rose by 66.02 to close high at 4383.36 points, METAL index gained by 28.81 to close at 15,915.81 and FMCG index gained by 23.89 to close firm at 2497.82 points. BSE clocked a turnover of Rs 6691 crore as against Rs 6,393.68 yesterday.


UNI

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