Sensex snaps 4-day winning streak; IT, auto, pharma dip
07 Jan 2010
The benchmark Sensex snapped a four day winning streak led by profit booking in banking & financial, capital goods, technology, auto, pharma and realty stocks. Weak global cues also weighed on the markets.
However, buying in oil & gas exploration, select telecom, metal and power stocks limited the losses to some extent. The markets witnessed consolidation today as well.
Global cues were negative; European markets were down 0.4-1% and the US index futures fell 0.4% each, at the time of closing of Indian equities. Asian markets ended lower; Kospi and Taiwan Weighted fell 1% each. Hang Seng, Jakarta, Nikkei and Straits Times were down 0.5-0.6% while Shanghai gained 0.45%.
The 30-share BSE Sensex closed at 17,615.72, down 85.41 points or 0.48% and the 50-share NSE Nifty fell 0.35% or 18.70 points, to settle at 5263.10. However, the BSE Smallcap Index continued its run up for the 10th consecutive day, up 0.67% and the BSE Midcap Index was flat.
"Most international funds were now neutral to underweight on India", Andrew Holland of Ambit Capital said.
''We may see some downturn in markets globally,'' he said, adding that currency movements remained a key trigger for market watchers to keep an eye on.
