In choppy trade, the Bombay Stock Exchange benchmark, Sensex, closed down by over 66 points on Tuesday on account of selling by funds and retail investors.
MUMBAI: Weighed down by a sharp fall in shares of oil and petrochemical major Reliance Industries (RIL), the stock market on Tuesday dipped by another 66 points on concerns of a surge in global crude prices and FII pull out.
The Bombay Stock Exchange (BSE) Sensex initially rallied to a high of 10,406.43, but later failed to maintain higher levels as select key blue chips came under severe pressure.
The Sensex had fallen to the day's low of 10,149.85 but recouped in the last 30 minutes to end the day at 10,226.78 against Monday's close of 10,293.22, a net loss of 66.44 points or 0.65 per cent, which extended its losing streak to the fourth day in a row.
The National Stock Exchange's (NSE) S&P CNX Nifty also dropped by 13.90 points or 0.46 per cent to close at 2,993.65 from previous close of 3,007.55.
FIIs pulled out Rs 670 crore in the cash segment on July 17, as per the provisional numbers on the NSE website. FIIs also were net sellers to the tune of Rs 638 crore in the Futures & Options segement on the same day.
Oil prices eased in Asian trade but hovered near record highs causing concerns among investors, market players said.
RIL, which has high weightage on the Sensex, recorded a sharp fall on aggressive selling pressure. However, impressive gains in other heavyweight stocks like Infosys Tech, Satyam Computers, Wipro, ONGC, Grasim, HDFC Bank and Bharti Airtel, however, cushioned the slide.
Brokers attributed the market's partial fag-end recovery to shortcovering by operators. The volume improved marginally but was still low at Rs 2,682.71 crore. RIL remained the top traded scrip with highest turnover of Rs 332.05 crore followed by REL Capital (Rs 145.84 crore), Suzlon energy (Rs 107.59 crore), Hind Zinc (Rs 101.80 crore) and TCS Ltd (Rs 93.72 crore).
The broad-based BSE-100 Index dropped further by 41.68 points to 5,166.95 from previous close of 5,208.63.
The BSE-200 Index and the Dollex-200 were quoted down at 1,216.56 and 433.22 at close compared to previous close of 1,227.73 and 438.44 respectively. The BSE-500 Index moved down by 38.87 points to 3,853.86 from last close of 3,892.73 and the Dollex-30 ended lower at 1,795.87 from 1,812.68.
RIL dipped by 27.20 to 1004.30, TCS by 18.00 to 1841.75, BHEL by 46.45 points to 1806.10, HDFC by 16.75 to 1065.30, Hindalco by 6.35 to 160.55, L&T by 56.40 to 2070.55, Tata Steel by 15.90 to 477.50, Tata Motors by 8.50 to 688.35, ACC by 3.60 to 816.65, Bajaj Auto by 34.20 to 2486.70, Dr Reddy by 4.75 to 1223.55, GACL by 2.05 to 102.15, ICICI Bank by 2.45 to 473.35, Maruti by 2.30 to 751.75, NTPC by 1.05 to 112.90, RCOML by 1.95 to 246.30 and SBI by 4.60 to 701.55.
However, Infosys Tech rose by 24.75 to 1629.60, Satyam Computer by 11.50 to 694.40, Wipro by 11.30 to 485, ONGC by 15.15 to 1043.50, Bharti Airtel by 5.40 to 359.15, Cipla by 2.60 to 216.80, Grasim by 6.35 to 1948.40, HDFC Bank by 6.10 to 712.95, Ranbaxy by 3.90 to 324.30 and REL by 1.15 to 423.25.
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