Sensex ends lower amid volatility; IT, telecom, metals dip
08 January 2010
The bechmark Sensex closed marginally lower, after seeing consolidation throughout the session. Profit booking in technology ahead of Infosys' third quarter numbers, telecom, metal, oil & gas exploration and select banking & financial companies' shares put pressure on the markets in the last one hour of trade.
However, buying in capital goods, power, pharma, realty and FMCG stocks helped the benchmark indices since early trade to limit the losses.
The broader indices outperformed the benchmark indices; especially Smallcap Index continued its uptrend for the 11th consecutive day, surged 10.5%. Today, the BSE Midcap Index closed flat while the Smallcap Index was up 0.44% at 8,697.64.
The 30-share BSE Sensex closed at 17,540.29, down 75.43 points or 0.43%, after seeing day's range of 17,508.96-17,658.12. The 50-share NSE Nifty was down 0.35% or 18.35 points, to settle at 5,244.75; it has touched an intraday high of 5,276.75 and low of 5,234.70.
Emerging market guru Mark Mobius, Chairman of Templeton Asset Management, said shares globally should brace for a correction though he said it would be part of the bull market run taking place.
''We are in a secular bull market and you see corrections, which can be to the tune of 15–20% but we shouldn't be concerned that it represents a bear market,'' Mobius said, urging investors to participate in it by buying more if the correction came along.