Sensex settles with moderate loss

By Staff
|
Google Oneindia News

Mumbai, July 17: The Bombay Stock Exchange (BSE) Sensex today registered a loss of 21.40 points to settle in the red at 15,289.82 on account of profit-booking at higher levels and weakness in European stocks.

''The market saw a complete trend reversal in today's trading session. After remaining firm till early-afternoon trade, the market turned volatile later and started declining on profit booking at higher level. Besides, weakness in European stocks also weighed on the domestic bourses. Shares from metal, auto and banking pack declined, while cement, information technology (IT) and real-estate stocks saw buying interest,'' market analysts observed.

After opening firmly higher at 15,357.60 from previous close of 15,311.22 the barometer Index recorded an intra-day high and low of 15,440.20 and 15,272.46, respectively.

Similarly, the National Stock Exchange (NSE) S&P CNX Nifty also struck an all-time high of 4,550.25 today, but ultimately tanked around 16 points to settle on negative terrain at 4,496.75 from it's previous close of 4,512.15 after opening weaker at 4497.10.

Market analysts explained that, ''the market breadth turned negative as selling emerged in small and mid-cap stocks. On the BSE, 1,724 shares declined as compared to 985 that advanced, while 62 remained unchanged. The market breadth was strong in opening session, but declined as the day progressed.'' BSE data revealed that the total turnover amounted to Rs 6,023 crore, while among the Sensex pack, 19 declined while the rest advanced.

The notable winners today included Ambuja Cement, JK Cements, Birla Corporation, Madras Cement, JK Cement, Birla Corporation, Madras Cement, index heavyweight Reliance Industries (RIL) Satyam Computer Services and Wipro.

Infosys, Mahindra&Mahindra (M&M), Tata Motors, Bajaj Auto, State Bank of India, HDFC Bank, Indian Overseas Bank, Canara Bank, Union Bank of India, Vijaya Bank, Tata Steel, Sterlite Industries, JSW Steel and Sail shares slipped sharply.

Asian markets were mixed today, with Japanese shares of insurers such as Mitsui Sumitomo Insurance and electricity generator Tokyo Electric Power Company slipping into the red after a powerful earthquake rocked northwestern Japan yesterday. Nikkei slipped 0.12 per cent at 18,219.09.

However, Hong Kong's Hang Seng was up 0.45 per cent at 23,057.30, Taiwan's Taiwan Weighted rose 0.98 per cent to 9,509.73 and Shanghai Composite was up 1.94 per cent to 3,896.19.

All the European markets were trading with losses, except Spain's Madrid General, which rose 0.59 per cent.

US blue chip stocks gained yesterday as news of a potential big telecom deal involving Verizon pushed the Dow Jones Industrial Average to a new record close and put the index closer to 14,000.

The Dow rose 43.73 points, or 0.31 per cent, to 13,950.98. The benchmark index again set a high of 13,989.11, less than 11 points from 14,000.

Broader stock indicators, however, slipped. The Standard&Poor's 500 index slipped 2.98 points, or 0.19 per cent, to 1,549.52. The S&P also set a fresh trading high of 1,555.90. The Nasdaq Composite index fell 9.67 points, or 0.36 per cent, to 2,697.33. Oil prices rose above USD 74 a barrel on concerns arising from closure of a North Sea pipeline and a sense that more operating refineries will increase demand for oil. On the Nymex, light, sweet crude for August delivery gained 22 cents to settle at USD 74.15 a barrel.


UNI

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