Sensex snaps rising trend, dips 14 points
Brokers said the market was looking for any positive factor and encashed the recent rally in fundamentally strong stocks.
Mumbai: In a volatile trade, the BSE benchmark Sensex on Wednesday declined by 14 points on fag-end selling by funds in heavyweights like RIL, HDFC and TCS amid a weak global trend. Snapping two-days of gaining trend, the Sensex fell 13.77 points, or 0.07 per cent, to close at 18,731.16.
The gauge touched the day's high of 18,869.88. The index had recorded a biggest climb in last session. Similarly, the broad-based National Stock Exchange index Nifty eased by 0.25 point to 5,688.70, after rising to 5,732.15.
Brokers said the market was looking for any positive factor and encashed the recent rally in fundamentally strong stocks. They said trading sentiment turned bearish as the market major Reliance Industries fell after its quarterly revenue missed the market estimates and software exporters fell on concerns about potentially higher US visa costs.
Shares of RIL declined 3.78 per cent to close at Rs 774.10 apiece. The weakening trend in overseas markets led by commodity related stocks in view of recent plunge in crude and precious metals also influenced the sentiments here, brokers said.
In 30-BSE index components, 13 stocks declined led by Reliance Industries, Infosys, Tata Consultancy Services, HDFC Ltd, ONGC, Hindustan Unilever, Dr Reddy's and Tata Power. The oil and gas sector index suffered the most by losing 2.12 per cent to 8,534.95 followed by IT index by 1.14 per cent to 5,917.90.