Sensex ends 114 points down, Ranbaxy soars 6.5 per cent
Equity benchmarks snapped three-day winning streak on profit booking Tuesday, weighed down by index heavyweights Reliance Industries and HDFC pack.
Mumbai: Equity benchmarks snapped three-day winning streak on profit booking Tuesday, weighed down by index heavyweights Reliance Industries and HDFC pack. The BSE Sensex fell 113.57 points to close at 19463.82 after rising more than 1000 points in previous three sessions on short covering and gas price hike. The NSE Nifty slipped 41.30 points to finish at 5857.55.
Experts say the uptrend has not broken out yet because of Tuesday's down move.
SP Tulsian of sptulsian.com is positive on the market and sees resistance at 6,000 on the Nifty. "In the remaining three days of this week, probably we will be seeing two positive days and that should be the likely trend," he adds.
Infosys shares slipped again, losing 1.7 per cent on fears of likely cut in revenue guidance.
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Among financials, HDFC, HDFC Bank and State Bank of India fell more than one per cent while ICICI Bank outperformed, rising 0.9 per cent.
Auto stocks too saw profit booking after previous day's run-up; Maruti Suzuki, Tata Motors and Hero Motocorp lost 1-1.8 per cent.
Tata Power shares dropped 1.7 per cent after ratings agency Moody's Investors Service changed its ratings outlook to negative from stable, citing material covenant breaches on bank debt associated with Tata Power's Gujarat-based Mundra Ultra Mega Power Project, reports Reuters.
Index heavyweight and oil & gas exploration company Reliance Industries declined 1.3 per cent while its rival state-owned ONGC tumbled 1.8 per cent.
Bharti Airtel gained 2.5 per cent on reports that the telecom commission is meeting later today to take a call on 100 per cent FDI in the sector.
Public sector undertakings GAIL and BHEL remained on buyers' radar, gaining 2.7 per cent each.
Ranbaxy Labs rebounded in late trade, rising 6.5 per cent after the USFDA told CNBC-TV18 that there is no proof of data reliability issues other than at 3 units that are Paonta Sahib, Batamandi & Dewas.
USFDA said, "Company's two manufacturing plants remain under ongoing review. There is no evidence of major current good manufacturing practices (cGMP) violations except Gloversville."
Indian rupee recovered around 25 paise in morning trade from its previous close of 59.51, but in afternoon trade it erased all gains and slipped 12 paise to 59.63 per dollar.