Business Today

Sensex declines in flip-flop trading, metal led fall

The 30-share barometer lost 65.06 points to close at 20,250.26 points. The index shuttled between 20,409.19 and 20,145.74 points during the day.

twitter-logoPTI | October 8, 2010 | Updated 17:02 IST

In choppy trade, the Bombay Stock Exchange benchmark Sensex on Friday fell 65 points on selling in bluechip counters, led by metal and auto stocks, as investors judged the recent run-up an overdone.

The 30-share barometer lost 65.06 points, or 0.32 per cent, to close at 20,250.26 points. The index shuttled between 20,409.19 and 20,145.74 points during the day. It had lost 227 points in the previous session.

The benchmark had risen 12 per cent in September to cross the crucial 20,000-level after 32 months.

In the 30-share index components, 20 stocks fell, while 10 finished with gains.

The broad-based National Stock Exchange index Nifty lost 16.85 points to close at 6,103.03.45 points.

A mixed trend in the Asian region and lower opening in Europe further influenced the trading sentiment, brokers said.

However, Reliance Industries and Infosys Technologies, which carry nearly 23 per cent weightage in the Sensex, closed in the positive zone, capping the loss to some extent. RIL rose Rs 9.75 to Rs 1,048.25, while Infosys gained Rs 22.15 to close at Rs 3,077.40.

The downward march was driven by Tata Steel, which fell Rs 22.60 to Rs 626.95, after metal prices dropped in global markets. Six metals, including aluminum and copper, dropped 2.3 per cent, the steepest decline since July 16, on the London Metal Exchange.

HDFC Bank, the third-largest lender, fell Rs 28.65 to Rs 2,403.45 after being downgraded by BNP Paribas. Heavy machinery major BHEL dropped Rs 23.35 to Rs 2,580.05.

The BSE metal sector index suffered the most, losing 1.49 per cent to 17,391.94. The auto index fell 1.30 per cent to 9,700.87, the consumer durable index 1.08 per cent to 6,484.31 and the power index 0.89 per cent to 3,303.61.

As selling pressure spilled over a wide-front, the midcap sector index lost 0.47 per cent to 8,330.57 and the smallcap index 0.28 per cent to 10,512.53.

However, healthcare, IT, oil & gas and tech index participating stocks remained higher and saved the market from any major fall.

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