Home Economy Sensex down 193 points on profit booking

Sensex down 193 points on profit booking

By IANS,

Mumbai : Indian equities markets seemed to be getting bogged down by uncertainty over election results due May 16 with a key index slipping 193 points Monday after opening on a positive note.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 11,997.37 points, lost 193.44 points or 1.63 percent from its previous close to end trade at 11,682.99 points.

Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) lost 1.83 percent to close at 3,554.6 points.

The broader market indices also closed lower, with the BSE midcap index moving down 1.56 percent and the BSE smallcap index losing 2.15 percent.

“Markets are certainly looking at election results with some apprehension, but what is also true is that they are in for a correction. Elections might act as the trigger for such a correction,” said Jagannadham Thunuguntla, equity head at SMC Capitals.

The Sensex touched an intra-day high of 12,026.6 points and a low of 11,621.3 points.

All the 13 sectoral indices on the BSE ended in the red, with the indices for realty, consumer durables and capital goods taking the biggest hit.

Among the gainers on the Sensex were Mahindra and Mahindra, up 1.57 percent at Rs.502; ICICI Bank, up 0.55 percent at Rs.523.45; Sun Pharma, up 0.46 percent at Rs.1,291.70; and Maruti Suzuki, up 0.33 percent at Rs.832.75.

Losers included DLF, down 5.1 percent at Rs.228.15; SBI, down 4.86 percent at Rs.1,260.70; Reliance Communications, down 4.64 percent at Rs.218.95; and Jaiprakash Associates, down 4.61 percent at Rs.135.55.

The market breadth was clearly negative, with 920 scrips advancing, 1,573 declining and 89 stocks remaining unchanged.

Companies that were most traded in rupee terms included ICICI Bank, SBI and Reliance Industries.

In other Asian markets, profit booking saw the Nikkei, a key index of the Tokyo Stock Exchange, sliding into the red but managing to crawl back just above its last close to end at 9,451.98 points, a rise of 19.15 points.

The Hong Kong Stock Exchange also saw profit booking resulting in a key index, the Hang Seng, ending trade 301.92 points or 1.74 percent lower at 17,087.95 points.

European markets were also trading in the red with the FTSE in Britain ruling 26.68 points down at 4,435.41 points and its French peer CAC 40 trading 48.46 points lower at 3,264.13 points.

Data with the market watchdog, Securities and Exchange Board of India (SEBI), showed foreign funds were net buyers Monday lapping up scrips worth $251.9 million.