Sensex down 21 pts; recovers from the lower levels

Mumbai, June 28 : The BSE sensitive index led by the Auto, FMCG, and IT sectors rallied hard to recover from the lower levels, however could not do much to overcome the previous close.

The sensex today closed at 10,129 which is 21 points below yesterdays close of 10,151.01.

Earlier, the market tracked the weak Asian markets and opened in the red by 78 points. Prime reason for this vulnerability is the expected hike in Fed interest rates today in US Federal Banks meeting.

However, the experts are optimistic and think there will not be any serious long term impact on the Indian bourses, due to hike in US Fed rates. They feel Indian economic fundamentals are strong enough to bear such anomalies.

The Auto, FMCG and IT sectors have performed extremely well and have brought some decency to the sensex, at the closing hours. Auto sector grew by 1.02 per cent to 4510.17 points, FMCG grew 0.07 per cent to 1882.74 points, and IT grew by 0.74 per cent to 3597.93 points.

According to analysts, if the monsoon continues the way it is currently, sensex will touch the 11,000 mark by the end of July, largely boosted by the performance of FMCG and Consumer Durables sectors.

Top gainers on the index were- Bajaj Auto up 3.58 per cent to Rs 2682.55, TCS up by 3.12 per cent to Rs 1693.95, Hindalco was up by 2.07 per cent to Rs 164.85, Wipro was up by 1.90 per cent to Rs 483.60, and BHEL, RIL, Reliance Energy, Grasim, Industries, Hero Honda and ITC wer all up between 0.68 per cent to 1.67 per cent. The losers on the index were- Reliance communications, HDFC, ONGC, Ranbaxy, Dr Reddy's Lab, SBI, ICICI, HLL, HDFC Bank and ACC all down between 1.03 per cent to 4.74 per cent.

The breadth in the broader market was in favour of 1153 declines as against 683 advances out of total 1903 scrips traded on the BSE Sensex today.

UNI

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