Sensex snaps six-day rally on profit booking (Roundup)

July 1st, 2011 - 7:10 pm ICT by IANS  

Sensex Mumbai, July 1 (IANS) A benchmark index for Indian equities markets Friday closed 83 points lower on profit booking, snapping a six-day rally.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,974.96 points, closed at 18,762.8 points, down 83.07 points or 0.44 percent from its previous close at 18,845.87 points.

The Sensex had added close to 1,300 points in the last six sessions before Friday.

The 50-scrip S&P; CNX Nifty of the National Stock Exchange also closed in the red at 5,627.2 points, down 0.36 percent.

For the week, the Sensex has risen 2.86 percent while the Nifty too gained a similar quantum.

Broader markets, however bucked the selling pressure and ended the day with moderate gains. The BSE midcap index closed 0.69 percent higher and the BSE smallcap index ended 0.83 percent up.

The market breadth was positive, with 1,700 stocks advancing, 1,152 on the decline and 132 remaining unchanged.

There was a good buying support in realty, IT and metal stocks. Energy and consumer durables were among the losing scrips.

“On Friday the market tested the resistance of 5700, profit booking was witnessed in the market which ended the markets continuation of positive closes. Closing above the levels of 5600 have rejuvenated the bullish sentiments in the market,” said Shrikant Chouhan, senior vice president, technical research, Kotak Securities.

Among gainers on the 30-scrip Sensex were DLF, up 4.65 percent at Rs.220.35; Hindalco, up 2.98 percent at Rs.186.40; RCom, up 1.78 percent at Rs.97.40 and Sterlite Industries, up 1.22 percent at Rs.170.10.

Losers included RIL, down 3.95 percent at Rs.862.15; Bharti Airtel, down 2.99 percent at Rs.383.45; Maruti Suzuki, down 2.18 percent at Rs.1,133.15 and Hindustan Unilever, down 1.75 percent at Rs.336.75.

In Asia, some major markets like the Chinese and Hong Kong exchanges were closed on account of a holiday.

The Nikkei of the Japanese stock exchange closed 0.53 percent up at 9,868.07 points.

European markets were also subdued as traders took a breather after four straight days of rallying.

Britain’s FTSE 100 was up 0.37 percent at 5,967.68 points, the French CAC 40 was ruling flat at 3,984.9 points.

The German DAX was up 0.15 percent at 7,387.02 points.

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