Profit booking pulls down equities, key index below 10,000 (Roundup)December 22nd, 2008 - 7:42 pm ICT by IANS
Mumbai, Dec 22 (IANS) Indian equities markets Monday slumped amid profit booking, with a key index shedding 1.7 percent to close below the psychological 10,000-mark.The 30-share Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 10,102.42 points, fell below the 10,000-mark in the afternoon trade after gyrating around the opening levels in the earlier sessions. The Sensex closed the day’s trade at 9,928.35 points, 171.56 points or 1.7 percent lower than its close Friday.
“Till late afternoon, the markets were waiting for a positive boost. When that didn’t happen, profit booking ensued pulling the market down,” said Jagannadham Thunuguntla, head of the capital markets arm and director of India’s fourth largest share brokerage firm, the Delhi-based SMC Group.
Of the 13 sectoral indices, only four managed to end in positive with the consumer durable (CD) stocks leading with a rise of 2.94 percent. Other indices which gained marginally were fast moving consumer goods, public sector undertakings and realty.
The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE) performed similarly with a fall of 1.24 percent or 38.2 points to close at 3,039.3 points.
“Since the overall market sentiment is edgy, such days are quite expected. Today (Monday), the markets gave up some of the gains that it had collected over last week,” added Thunuguntla.
Broader market indices at the Sensex also dipped with the midcap index falling 0.13 percent and the smallcap index shedding 0.24 percent compared to Friday’s close.
Among the Sensex, the biggest gainers were Tata Motors (up 4.91 percent to close at Rs.179.30), DLF (up 2.73 percent at Rs.307.35), Ranbaxy (up 2.05 percent at Rs.217.35) and ITC (up 0.87 percent at Rs.178.35).
Major losers on the other hand were ICICI Bank (down 5.5 percent at Rs.471.95), Reliance Industries (down 4.8 percent at Rs.1, 349.25) and Mahindra and Mahindra (down 4.55 percent at Rs.321.20).
Asian markets displayed mixed emotions with the Nikkei, a key index of the Tokyo Stock Exchange, rising 1.57 percent. The Hang Seng, a key index of the Hong Kong Stock Exchange, fell 3.34 percent.
Tags: bombay stock exchange, mahindra and mahindra, market sentiment, moving consumer goods, national stock exchange, profit booking, public sector undertakings, reliance industries, sectoral indices, tata motors