Business & Economy

BSE Sensex falls marginally by 34.13 points on sluggish demand

United News of India

Mumbai, September 21, 2011

The benchmark Index of the Bombay Stock Exchange (BSE) today registered a small loss of 34.13 points at close on sluggish demand from investors and negative trend in the European market.

The Nifty of the National Stock Exchange (NSE) fell by 6.95 points at 5,133.25.

After registering a massive gain of 353 points yesterday, the Sensex opened positive today at 17,128.83, up by 29.55 points on the strength of Capital Goods, PSU, Bankex, Power, Health Care, Metal and Technololgy stocks.

No major fluctuation was seen during the trade. It had rallied by 92.44 points to 17,191.12 points, but laterthe gains were erased. It registered the day's low at 17,000.61, down by 98.67 points. Finally, it settled at 17,065.15 points, down marginally by 34.13 points.

A mixed trend was seen in sectoral indices. The indices that declined were Oil and Gas, Auto, Metal, IT and FMCG stocks. However, Consumer Durable, Bankex, Realty, PSU and Power remained in the green for the second day today which capped its losses to some extent, brokers said.

The Nifty registered the day's high and low at 5,168.40 and 5,109.85 points, respectively.

Auto stocks fell on worries higher interest rates and the latest petrol price hike may adversely impact sales of cars and two-wheelers during the festive season.

Metal stocks were mostly lower today. Cement stocks extended recent gains on hopes of improved demand as monsoon nears end.

Interest rate sensitive banking stocks rose for the second straight day. The market breadth was positive.

The turnover was Rs 2526 crore, lower than Rs 2541.07 crore yesterday. On BSE, 1,463 shares rose and 1,326 shares fell. A total of 155 shares remained unchanged. Among the 30-share Sensex pack, 23 declined and 7 shares rose.

A mixed trend was seen in the sectoral indices. Among the indices that declined were Oil and Gas by 1.16 per cent, Auto by 0.91 per cent, Metal by 0.26 per cent, IT by 0.26 per cent, FMCG by 0.14 per cent and Technology by 0.09 per cent.

Among the indices that moved up were Consumer Durabnle by 2.04 per cent, Bankex by 0.96 per cent, realty by 0.83 per cent, PSU by 0.50 per cent and Power by 0.43 per cent.

Index heavyweight Reliance Industries (RIL) fell by 1.76 per cent on profit taking.

Auto stocks fell on worries higher interest rates and the latest petrol price hike may adversely impact sales of cars and two-wheelers during the festive season.

Tata Motors, Hero MotoCorp and Bajaj Auto fell between 1.26 per cent and 3.3 per cent. Maruti Suzuki India declined by 3 per cent.

Some consumer durables stocks, too, edged higher. Videocon Industries, Gitanjali Gems and Titan Industries gained between 0.68 per cent and 3.33 per cent.

HCL Technologies advanced by 0.21 per cent, with the stock gaining for the third straight day. The company announced during market hours today that it has signed a strategic 5-year Application Support Transformation deal with Deutsche Bank's Capital Markets arm.

Interest rate sensitive realty stocks rose on bargain hunting after recent losses. DLF, HDIL and Unitech, and Parsvnath Developers gained by 0.14 per cent to 4.97 per cent.

India's largest private sector bank by net profit ICICI Bank rose 1.97 per cent. India's largest bank by branch network and net profit State Bank of India (SBI) improved by 0.52 per cent.