Sensex slips; FMCG, capital goods, auto down
26 Apr 2011
The benchmark indices Sensex and Nifty were down over 1% each. All sectoral indices were trading in red. Heavy selling was seen in FMCG, capital goods, auto, banks and power stocks.
Nitin Rakesh, CEO, Motilal Oswal AMC gave his readings and outlook for the market. He said that a lot of things need to fall into place for the markets to break out of this zone both on the upside or on the downside. The best case scenario would be continue to consolidate and wait for the next set of triggers.
''I don't think there is any one thing that will trigger. There is a combination of a few things, both domestic and global. Clearly, the best trigger for us can be a sustained momentum on the earnings front, which is effectively what the market will continue to hope and look for."
At 12.51 pm, the Sensex was down 219.29 points or 1.12% at 19365.02, and the Nifty was down 64.70 points or 1.10% at 5809.80.
About 990 shares have advanced, 1712 declined, and 931 unchanged.
Stocks like Reliance, Infosys, ICICI Bank, ITC and HDFC were negative contributors to the Sensex.
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