Sensex closes 120 points lower, heavyweights drag (Roundup)

July 28th, 2010 - 7:23 pm ICT by IANS  

Sensex Mumbai, July 28 (IANS) A benchmark index for Indian equities Wednesday closed 120 points lower, hit by late selling, ahead of the expiry of July futures contracts.
Heavyweights Reliance Industries, L&T and HUL acted as a drag on the index.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,077.85 points, closed at 17,957.37 points, 120.24 points or 0.67 percent down from its previous close at 18,077.61 points.

At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended 0.61 percent in the red at 5,397.55 points.

Broader markets indices also closed in the red, with the BSE midcap index 0.21 percent down and the BSE smallcap index 0.16 percent lower.

Auto, healthcare and metal stocks rose, while energy, realty and capital goods scrips came under selling pressure.

The market breadth was negative, with 1,197 scrips advancing, compared to 1,682 stocks declining, and 133 remaining unchanged.

Among the gainers on the Sensex were SBI, up 1.47 percent at Rs.2,470.85; Cipla, up 1.37 percent at Rs.330.40; HDFC Bank, up 1.03 percent at Rs.2,087.05; and ITC, up 0.89 percent at Rs.307.20.

The Reliance Industries scrip ended 3.09 percent at Rs.1,020.95 a day after posting a 32 percent rise in net profit on account of expectations of future lower earnings.

L&T and HUL slipped on account of quarterly numbers which were below expectations.

HUL was down 3.02 percent at Rs.252.45; DLF down 2.39 percent at Rs.311.85, and L&T, down 2.06 percent at Rs.1,824.80.

A strong earnings season for domestic companies saw major Asian markets trade higher Wednesday. While futures expiry also helped, some amount of profit taking was also visible.

The Japanese Nikkei closed 2.7 percent higher at 9,753.27 points, while the South Korean Kospi ended with a 0.29 percent gain at 1,773.47 points.

Hong Kong’s Hang Seng was up 0.56 percent at 21,091.18 points, while the Chinese Shanghai Composite index shut shop 2.26 percent higher at 2,633.58 points.

Taking advantage of gains in previous session, European investors booked profits.

The FTSE was down 0.38 percent at 5,345.49 points, while the German DAX was ruling 0.46 percent lower at 6,178.93 points.

The French CAC 40 was up 0.2 percent at 3,673.9 points.

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