Nifty snaps 5-day winning streak; RIL, SBI, BHEL dip
27 April 2010
The benchmark Nifty snapped a five-day winning streak and closed marginally lower on profit booking. It witnessed volatility throughout the session with negative bias and traded in a narrow range of 5301-5320. Weak global cues also weighed on the markets.
On the global front, Asian markets ended lower. Shanghai lost 2% and Hang Seng fell 1.5%. Jakarta, Straits Times, Kospi and Taiwan were marginally in the red while Nikkei gained 0.4%. European markets were trading 0.5-1.5% lower, at the time of closing of Indian markets.
The sell-off in banking, realty and metal companies' shares kept the benchmark indices under pressure. Heavyweights Reliance Industries and BHEL along with Maruti, Jaiprakash Associates, Tata Motors, ACC and Sun Pharma were also down.
However, ONGC, Cairn, NTPC, Power Grid, Jindal Steel, ITC, HDFC, L&T, Reliance Infrastructure, Cipla, M&M, TCS, Bharti, HUL, Ambuja Cements, Siemens and Ranbaxy remained supportive today.
The 30-share BSE Sensex closed at 17690, down 54 points and the Nifty was at 5308, down 14 points.
At 14:22 hours IST - the benchmark Nifty was trading in a narrow range of 5301-5330, with negative bias. It broke the five-day winning streak today. Banking, metal and realty companies' shares along with Reliance Industries, BHEL, Maruti, Jaiprakash Associates, Wipro, HUL, Reliance Communications, ACC and Sun Pharma were witnessing selling pressure.