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Market update: Sensex drops 105 points to log first weekly fall in seven weeks

"Equity markets traded dull for most part of the session on Friday but profit taking in the last hour pushed indices in red," said a Religare Securities analyst.

twitter-logoPTI | December 5, 2014 | Updated 18:59 IST
Sensex, Nifty close week in red on profit taking
(Photo: Reuters)

The benchmark Bombay Stock Exchange (BSE) index Sensex on Friday closed nearly 105 points lower at 28,458.10 buckling under fag-end profit booking in IT, oil & gas and healthcare shares, logging its first weekly loss in seven weeks.

After opening in the positive zone at 28,604.50, the 30-share BSE barometer surged to an intra-day high of 28,651.75 on continued overseas fund inflows and buying by retail investors.

Soon after, however, it met with resistance at higher levels and fell back to settle at 28,458.10, a fall of 104.72 points (or 0.37 per cent). Intra-day, it had touched a low of 28,409.05.

"In absence of any major cues, equity markets traded dull for most part of the session on Friday but profit taking in the last hour pushed indices in red," said Jayant Manglik, President-retail distribution, Religare Securities.

The BSE index had rallied 120.11 points in the previous session on supportive domestic and global cues.

On a weekly basis, the Sensex fell by about 236 points, logging its first weekly drop in seven weeks.

Overall, 22 of the 30 Sensex scrips including Sun Pharma, Infosys, Hindalco, BHEL, ONGC, Hero Moto and SBI fell.

Similarly, the broader 50-share National Stock Exchange (NSE) Nifty index ended 26.10 points (or 0.30 per cent) lower at 8,538.30.

Fall in shares of Wipro, Tech Mahindra, Dr Reddys, BPCL, TCS, Sun Pharma, Infosys and Cipla stocks weighed on the NSE Nifty.

The gauge moved between 8,523.90 and 8,588.35 during the session on alternate bouts of buying and selling.

Shares of SAIL ended about 3 per cent down after the government's 5 per cent stake sale in the steel major, to raise up to Rs 1,700 crore, began on Friday.

ITC shares continued their rally, and added another 2.27 per cent on hope that a proposal to ban sale of loose cigarettes will be put on hold.

Meanwhile, Foreign Portfolio Investors (FPIs) bought shares worth net Rs 474 crore on Thursday, according to provisional data.

Global cues were conducive as Asian bourses ended higher and European markets also were better in early trades.

Sectorwise, the BSE IT index suffered the most by falling 1.83 per cent, followed by the Teck index that fell 1.47 per cent, Healthcare index 1.40 per cent, Oil & Gas index 0.66 per cent and Power index 0.52 per cent, among others. Bucking the trend, Realty, FMCG, Consumer Durables and Metal indices jumped.

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