Sensex ends 100 points down; metals, banks, RIL drag, Maruti up
09 Dec 2009
The Sensex retreated and gave up some of its Tuesday's gain. It closed over 100 points down on the back of sell-off in metal, banking & financial, FMCG and power stocks, and heavyweight Reliance Industries. Negative global cues also weighed on the markets.
However, buying in technology, pharma, select auto and telecom stocks capped the losses to major extent. The BSE Smallcap Index outperformed other indices, up 0.4% while the Midcap Index lost 0.6%.
Global cues were also weak, which hammered the markets. European markets were down 0.5% while the US index futures were flat in trade, at the time of closing of Indian equities. Major Asian markets closed lower; Shanghai, Hang Seng and Nikkei fell 1.34-1.73%. Straits Times lost just 0.3% while Kospi and Taiwan Weighted were up 0.4% each. The US markets ended around 1% lower on Tuesday due to rise in dollar index.
Yesterday, the dollar index gained 0.7%. Trader Atul Suri feels the dollar index fluctuation is not a worry for the markets. ''The index is unlikely to breach 77.5.'' The Dollar Index was trading at 75.5, down 1% at 15:40 hours IST.
The markets ended lower but witnessed consolidation throughout the session. The 30-share BSE Sensex closed at 17,125.22, down 102.46 points or 0.59% and the 50-share NSE Nifty fell 0.7% or 35.95 points, to settle at 5,112.
The Nifty, Suri says is unlikely to go below 4,500. ''We will see Nifty breakout when oil and gas and banks perform.''
