Market takes pause on profit-booking
Mumbai : Equities slipped for the first time in three days today with the BSE Sensex dropping by 52 points to 28,926.36, hit by profit-booking in recent winners amid mixed global cues on caution ahead of European Central Bank’s meet.
State Bank of India was the biggest gainer on the index, rising 2.74 per cent to Rs 266.55, after the state-run lender said it raised Rs 2,100 crore by allotting Basel III compliant perpetual bonds to Yes Bank.
Power equipment maker BHEL surged 15.50 per cent to Rs 159.80 after it reported a 54.21 per cent jump in net profit to Rs 77.77 crore for the June quarter.
Shares of Vedanta Ltd ended steady, while Cairn India settled 1.23 per cent lower at Rs 200.55, after shareholders of the mining conglomerate Vedanta Resources approved merger of the two group firms.
Buoyancy in currency market, where the rupee strengthened against the US dollar, capped the losses in broader markets.
“Market oscillated between gains and losses and ended with minor loss due to profit-booking ahead of the ECB meet tomorrow, which could provide clues on global liquidity,” said Vinod Nair, Head of Research at Geojit BNP Paribas Financial.
The 30-share Sensex, which went past the 29,000-mark at the outset to touch a high of 29,067.84 succumbed to profit- booking later and slipped to 28,911.31 before ending down by 51.66 points or 0.18 per cent at 28,926.36.
The index had risen 554.54 points in the last two sessions on bullish overseas cues after weak US jobs data dimmed hopes of an interest-rate hike by the Federal Reserve in near-term.
NSE Nifty after shuttling between 8,968.70 and 8,913.35 settled 25.05 points or 0.28 per cent lower at 8,917.95.
The broader markets, however, outperformed the Sensex with the small-cap index ending 0.62 per cent higher, while mid-cap gained 0.11 per cent.
Overseas, Asian stocks ended mixed with indices like China and Taiwan ending higher by up to 0.84 per cent, while indices in Hong Kong, Japan, Singapore and South Korea eased between 0.10 per cent and 0.41 per cent.
European markets also traded mixed as key indices in France and Germany moved up by 0.22 per cent to 0.31 per cent, however, the UK’s FTSE was lower by 0.01 per cent.
In the local market, 18 scrips out of the 30-share Sensex pack ended lower.
Asian Paints was the top loser with a deficit of 1.92 per cent followed by HDFC Ltd (1.87 pc), Axis Bank (1.72 pc), NTPC (1.50 pc), TCS (1.49 pc), GAIL (1.47 pc) Power Grid (1.42 pc), HDFC Bank (0.87 pc) and Bajaj Auto (0.69 pc).
While, ONGC rose by 2.51 per cent followed by ICICI Bank 2.09 per cent, Tata Steel 1.06 per cent, Infy 0.95 per cent and Cipla 0.75 per cent.
Among BSE sectoral indies, consumer durables fell 0.96 per cent followed by utilities 0.90 per cent, oil&gas 0.36 per cent, finance 0.30 per cent and teck 0.13 per cent, while capital goods rose by 1.21 per cent, metal 1.06 per cent, realty 0.96 per cent and power 0.66 per cent.
The market breadth remained positive as 1,404 shares ended higher, 1,356 closed lower while 157 ruled steady.
The total turnover on BSE amounted to Rs 4,178.26 crore, higher than turnover of Rs 3,804.43 crore registered yesterday.