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| Edited By: |Source: PTI |Updated: Mar 18, 2018, 03:08 AM IST
The Bombay Stock Exchange benchmark Sensex today reversed its two-day gains and slipped over 34 points, or 0.19%, to 18,232.60 in lack lustre trading, ahead of the release of 2010-11 GDP estimates tommorrow.
Similarly, the broad-based National Stock Exchange index Nifty fell by three points or 0.05% to 5,473.10.
The BSE 30-share guage, Sensex, had gained over 114 points in early trade on news of early arrival of monsoon rains in Kerala.
However, lack of any major direction from global markets and profit booking by investors after last two-session gains of nearly 419 points pulled down the Sensex, brokers said.
"Market sentiment got a boost after reports stated that monsoon hit Kerala two days ahead of schedule," said IIFL Head of Research (India Private Clients) Amar Ambani.
However, the market was unable to find any specific direction throughout the day ahead of the quarterly GDP numbers to be announced tomorrow.
The US and the UK markets are closed today. The Asian indices ended narrowly mixed while other European stocks were displaying a better trend in the mid-session trade.
Also, traders said several domestic factors would influence the market this week.
"Besides the GDP data, monthly auto sales, manufacturing PMI and exports figures during the course of the week would also play important market determinants," said Ambani.
Although the Sensex finished in the red, total market breadth was strong due to price rise in second-line stocks, pointing towards the increased retail participation.
Auto and some refinery stocks on the BSE Sensex attracted selling while pharma, consumer durable and realty counters were in demand. Cipla rose by 3.55%, Reliance Communication by 2.94%, DLF by 2.58%, HDFC by 1.90% and TCS by 1.03%.
M&M, the largest tractor producer in the country, lost the most among Sensex scrips, plunging 5.34% after the company reported lower-than-expected Q4 net profit. It has reported 6.36% rise in net profit for the quarter ended March 31, 2011.
Aluminium giant Hindalco followed next, falling 2.33%-- which is half of its last Friday gains -- on poor annual results. The company reported 37.4% dip in consolidated net profit for fiscal year 2010-11.
Thirteen out of 30 Sensex scrips gained while 16 closed in the red. Among the losers, ONGC fell 1.63%followed by Jindal Steel (0.96%), Tata Motors (0.96%),Tata Steel (0.85%), Hero Honda (0.80%), ITC (0.79%) and RIL (0.70%).
In sectoral indices, BSE-Auto declined by 1.50% and BSE-Oil & Gas by 0.64% while BSE-HC picked up 2.24%, BSE-CD by 2.01% and BSE-Realty by 1.77%. The BSE-Midcap and BSE-Smallcap outperformed the Sensex, closing up by 0.85% and 0.55%, respectively.
As a result, the total market breadth at BSE remained positive, with 1,629 counters ending with gains, against 1,150 that settled with losses.
Overseas, China, Japan and South Korean markets closed with minor losses while Hong Kong, Singapore and Taiwan ended with nominal gains. Market in France was gained 0.13% and Germany by 0.45%.
