Profit booking, low volumes depress equity indices

5 Dariya News

Mumbai 01-Jan-2018

Profit booking along with low volumes and higher crude oil prices depressed key indices of the Indian equity market on Monday -- the first trading day of 2018.According to market analysts, heavy selling pressure was witnessed in banking, auto, metals, oil and gas and IT stocks.The 30-scrip S&P BSE Sensex, which had previously closed at 34,056.83 points, ended the day's trade at 33,812.75 points, down 244.08 or 0.72 per cent.Similarly, the National Stock Exchange's (NSE) Nifty50 closed in the red at 10,435.55 points, down by 95.15 points or 0.90 per cent."Markets corrected sharply on Monday as selling pressure intensified in the last 45 minutes of trade," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS."The indices traded in a narrow range in the initial part of the session due to lack of any major domestic and global cues and as most other Asian markets were shut due to New Year holiday."

Vinod Nair, Head of Research, Geojit Financial Services said: "Despite positive Auto sales numbers, market started-off the New Year on a cautious note. Lingering concern on fiscal slippages and a sharp up-move in crude prices dampened investor sentiments."On the currency front, the Indian rupee strengthened by 19 paise to close at 63.68 against the US dollar from its previous close at 63.87.rovisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 325.91 crore while domestic institutional investors sold stocks worth Rs 1,300.31 crore.Sectorwise, the S&P BSE banking index fell by 217.60 points, automobile index by 208.56 points and metal index by 77.89 points.On the other hand, S&P BSE capital goods index rose by 76.47 points, followed by consumer durables index by 41.33 points and power index by 18.72 points.Major Sensex gainers on Monday were: Wipro, up 1.39 per cent at Rs 317.75; Coal India, up 1.31 per cent at Rs 266.45; Sun Pharma, up 0.49 per cent at Rs 573.60; Axis Bank, up 0.44 per cent at Rs 564.85; and Larsen and Toubro (L&T), up 0.39 per cent at Rs 1,261.80.Major Sensex losers were: Tata Consultancy Services (TCS), down 1.69 per cent at Rs 2,654.65; Hindustan Unilever, down 1.52 per cent at Rs 1,347.25; IndusInd Bank, down 1.45 per cent at Rs 1,626.25; HDFC, down 1.35 per cent at Rs 1,687.35; and Tata Motors, down 1.35 per cent at Rs 425.40.