Profit Booking pulls Nifty and Sensex down

The Indian Stock Markets witnessed profit booking and the indices closed sharply lower. NSE S&P CNX NIFTY closed the day at 2940.60, down by 26.85 points. NIFTY hit an intraday high of 2973.9 and low of 2931.85. The overall market breadth was also negative with several small cap stocks witnessed selling.

Out of 50 stocks in NIFTY, only 13 stocks closed higher. VSNL was unchanged and 36 stocks closed lower. HDFC was the major loser in NIFTY with the stock closing down by 4.03% at Rs.1303.9. The stock hit an intraday high of 1355 and low of 1296.35.

NALCO was the second major loser with stock taking a breath after having a dream run in the past few days. NALCO closed at Rs.292.25, down by 3.93%. SAIL lost 2.2% with WIPRO and ITC following with losses of 2.17% and 2.09%.

ONGC lost 1.9% to close at Rs.1162, Reliance lost 1.7% to close at Rs.696.6. IPCL, ACC, Hindustan Lever, ICICI Bank, ABB, Infosys Technologies, Hindalco, Tata Tea, Oriental Bank of Commerce, CIPLA, L&T, Hero Honda, Dr Reddys Laboratories and HDFC Bank lost more than 1% during the day´s trading.

Jet Airways was the major gainer in NIFTY with the stock closing higher by 4.98% at Rs.970.05. Jet Airways had hit an all-time low of Rs.891 on Thursday. The stock was under pressure for the past few days after the consistent rise in ATF prices and pressure from low cost airlines.

Glaxo and Sun Pharma gained 4.58% and 4.27% respectively. GAIL closed higher by 3.06% at Rs.291.75. HPCL, Tata Motors, Tata Power, Grasim Industries closed higher by more than 1%.

BSE Sensex closed lower by 101.29 points at 9742.58. Sensex hit an intraday high of 9837.74 and low of 9713.51 before closing at 9742.58. Out of 30 stocks in BSE, 8 closed higher and 22 closed lower.

NTPC was the major gainer in Sensex with the stock closing up by 2.43% at Rs.117.8. Tata Power closed higher by 1.93% at Rs.483.4. Tata Motors and Grasim Industries closed higher by 1.89% and 1.75% respectively.

Source : Equity Bulls

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