After a strong start, the markets closed down on Friday with the benchmark Sensex ending 198 points lower in choppy trade as sentiments were dampened
MUMBAI: After a strong start, the markets closed down on Friday with the benchmark Sensex ending 198 points lower in choppy trade as sentiments were dampened amid hints of tighter monetary measures by RBI after a hike fuel prices even as inflation rose further to 8.24 per cent.
Marketmen said after a promising start markets remained volatile throughout mainly due to selling pressure from foreign funds after SEBI yesterday ruled out relaxation of curbs imposed on Participatory Notes (PNs) last October.
The 30-share Sensex on the Bombay Stock Exchange fell by 197.54 points, or 1.25 per cent, to settle the day at 15,572.18.
The broader 50-share S&P CNX Nifty of the National Stock Exchange also fell by 49.15 points, or 1.05 per cent, to close at 4,627.80 points.
Markets did not not track buoyant global cues due to negative domestic factors such as indications of a hike in the Cash Reserve Ratio (CRR) and short-term interest rate by the Reserve Bank.
Besides, marketmen said there has been consistent pull-out by Foreign Institutional Investors (FIIs) in the current calendar year.
Global crude oil prices too climbed again to above 127 dollar a barrel, causing concerns at home. The government has already raised fuel prices by about 10 per cent this week.
FIIs sold shares worth Rs 1,418.34 crore on June 5, as per provisional figures. They pulled out more than Rs 17,000 crore so far this year.
As the selling trend settled in towards the end of trade, most of the indices, barring auto which gained by 0.13 per cent, closed lower in the range of 1-3 per cent.
Wipro topped the lossers' list among the index-related stocks. The IT major was down 4.43 per cent. Other prominent losers were DLF, Hindalco, Ranbaxy and ITC which lost in the range of 3-4 per cent.
Mah&Mah, Tata Motors, Infosys Tech and Grasim, however gained moderately on fresh buying support.
Meanwhile, Asian indices closed up by 0.08 per cent to 1.03 per cent. Shanghai Composite was down 0.66 per cent. European markets traded in the green in their early trade.
The trading volume was high at 5,245.26 crore. RIL was the most active scrip with highest turnover of Rs 385.36 crore followed by Reliance Capital (Rs 214.38 crore), Cairn India (Rs 208.63 crore), Gokul Refoils and Solvent (Rs 197.33 crore)
and Anu's Lab (Rs 175.15 crore).
The broad-based BSE-100 Index dropped by 83.56 points to 8,222.75 from its previous close of 8,306.31.
The BSE-200 Index and the Dollex were quoted lower at 1.926.73 and 750.27 at close compared to their last close of 1,946.33 and 755.34 respectively. The BSE-500 Index dipped by 59.71 points to 6,109.45 from its last close and the Dollex-30 ended down at 2,990.23 from 3,017.93 previously.
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