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Sensex closes 70 points down on profit-booking, mix global trend

PTI     July 5, 2011
The Sensex on Tuesday fell 70 points to 18,745 on profit selling and a sharp dip in the heavyweights like Reliance Industries (RIL) and Bharat Heavy Electricals Ltd (BHEL) amid a mixed trend in global stock markets.

The most-heaviest on the Sensex, with 11 per cent weight, RIL tumbled Rs 22, or 2.53 per cent, to Rs 846.15. BHEL, the largest power equipment maker dropped Rs 91.90 (4.5 per cent) to Rs 1,953.80, following reports that the government might approve its 5 per cent stake sale.

Besides, DLF Ltd, the largest property developer, fell Rs 2.80 to Rs 230.80 snapping its three-day 12 per cent surge.

The Bombay Stock Exchange 30-stock index, which had climbed 7.5 per cent in the last two weeks till Monday, fell 69.92 points to 18,744.56. Similarly, the broad-based National Stock Exchange index Nifty fell 18.40 points to 5,632.10, after touching a high of 5,659.85.

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Brokers said investors booked profits as prices had reached higher levels, ahead of the first quarter earnings. They said rising borrowing costs this year might crimp demand and hurt corporate earnings.

The oil and gas sector index suffered the most, losing 1.60 per cent to 8,955, followed by FMCG, 1.29 per cent to 3,987.73.

Realty sector lost 1.29 per cent to 2,129.10 and Power fell 1.18 per cent to 2,606.16.

The capital goods index fell 1.13 per cent to 13,687.03, as BHEL, BEL, Siemens, ABB Ltd and Gammon India declined on heavy selling.

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