Saturday, 6 October 2012

Sensex closes 120 points down


Sensex closes 120 points down
Clean Media Correspondent

MUMBAI, Oct 05 (CMC) A benchmark index of Indian equities markets on Friday fell 120 points on profit booking, a day after breaching the psychological 19,000-mark. Technology, health care and banking stocks were the worst performers. 

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,115.89 points, closed at 18,938.46 points (provisional), 119.69 points or 0.63 percent down than its previous day's close at 19,058.15 points. 

The Sensex touched a high of 19,137.29 points and a low of 18,757.34 points in intra-day trade. The BSE midcap index was down 53.12 points, while the smallcap index was lower by 65.16 points. 

On the sectoral front, the BSE IT index was down 97.12 points followed by health care index, down 105.83 points, and the banking index, down 145.33 points. 

The Sensex on Thursday crossed the 19,000-point mark for the first time in almost 15 months, rising over 200 points, expecting reforms in the pension and insurance business. 

The reforms were unveiled late Thursday evening, with the government announcing legislative changes that will allow up to 49 percent foreign equity in pension sector and hike such limit in insurance to 49 percent from the present 26 percent. 

However, as per the traders' point of view, the reforms measures lacked conviction as legislative changes have to be passed by parliament where the government does not have a clear majority. Some of its key allies are also opposed to these reforms. 

The wider 50-scrip S&P CNX Nifty of the National Stock Exchange (NSE) also closed 0.70 percent down at 5,746.95 points. 

Major Sensex gainers were Tata Motors, 2.24 percent at Rs 280.35; Hindustan Unilever, 1.60 percent at Rs 564.50; Mahindra and Mahindra, up 1.16 percent at Rs 869.05; ONGC, up 1.09 percent at Rs 287.20; and Hindalco Inds, up 0.89 percent at Rs 125. 

The main losers were HDFC, down 4.89 percent at Rs 749.65; Sun Pharma, down 2.48 percent at Rs 681.05; Wipro, down 2.41 percent at Rs 373.80; Infosys, down 1.84 percent at Rs 2,527.90; and ICICI Bank, down 1.57 percent at Rs 1,066.65.

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