Mumbai, Sept 28: The BSE Sensex fell 78 points today to 16,446 as investors sold stocks ahead of settlement in the derivatives segment amid weak global markets, as uncertainty lingered over the resolution of euro zone debt troubles, especially in Greece.
Besides, RBI's high interest-rate regime to tame inflation weighed on investors as it is likely to hit second quarter corporate earnings, analysts said. Capital goods, metals, consumer durables, banking and auto counters attracted selling, while some FMCG and IT scrips were in demand.
The BSE 30-share barometer resumed at 16,663.26, the day's high, but washed all gains on late morning sell-off. It closed at 16,446.02, down 78.01 points or 0.47 per cent. Yesterday, it had gained nearly 473 points or 2.95 per cent. The broader NSE 50-issue Nifty also reacted downwards by 25.35 points or 0.51 pct to 4,945.90.
Fall in heavyweights such as L&T, ICICI, Bharti, SBI, Tata Steel, HUL, Bajaj Auto, Maruti Suzuki and HDFC weighed down the market. However, a rise in ITC, Infosys, TCS and ONGC cushioned the fall.
Doubts over second quarter corporate earnings amid high inflation and interest rates, coupled with worries over global economic slowdown, hurt the market sentiment.
FIIs, meanwhile, have pulled out Rs 3,431.20 crore in three trading days since September 22, while pumping in just Rs 34.08 crore as per provisional Sebi data.
Equity head of SMC Capitals, Jagannadham Thunuguntla said, “It seems that investors are till concerned about crisis in the US and Europe, besides high inflation and interest rates back home. Overall, the market was on a consolidation mode. PTI
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