Selling pressure pulls Indian Indices down - LuvKush Finserve

Benchmark share indices ended lower on Tuesday weighed down by selling pressure in rate sensitive shares after double digit retail inflation in February dimmed hopes of a rate cut by the central bank at its policy meet next week.

The 30-share Sensex ended down 81 points at 19,565 and the 50-share Nifty ended down 28 points at 5,914. Consumer Durables Index was the top loser on the BSE down 2% followed by Power, Realty, Bankex, Capital Goods among others. Consumer Durables' stocks were down on concerns that high inflation for the past few months has led to lower discretionary spends. Blue Star and Titan ended down over 3.4% each. Bajaj Electricals and Rajesh Exports lost over 2.6% each.

Among the rate sensitive shares financials shares witnessed profit taking. In the Sensex pack, HDFC Bank, HDFC, ICICI Bank and SBI were among the top losers. Capital goods space ended lower after data showed that the sector contracted by 1.8%, against its contraction of 0.9% in December 2012. BHEL ended down 2.1% and Larsen & Toubro lost 0.5%. The broader markets also ended marginally lower.

The BSE Mid-cap lost 0.6% and the Small-cap index ended down 0.5%.

Source : Equity Bulls

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