Sensex sheds gains, ends in red

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Mumbai, Jul 14: Reacting to the positive cues from the global markets, key Indian equity indices opened the day on a positive note. But later in the day, heavy selling pressure in the information iechnology (IT) stocks, led the market to end the day in the negative terrain.

The 30-share Sensex of the Bombay Stock Exchange (BSE) lost 139.34 points or 1.03% before finally closing the day at 13,330.51 points. While broader, S&P CNX Nifty of the National Stock Exchange (NSE) shed 9.30 points or 0.23% before ending the day at 4,039.70 points.

According to the market analysts, Monday’s fall was due to the resumption of selling by the foreign institutional investors (FIIs) in the IT and teck stocks.

The worst performer stocks in the Sensex was Ranbaxy which lost Rs 55.55 or 10.45% on concerns of US probe against the drug maker, which finally closed at Rs 475.90.

Anita Gandhi, head of institutional business, Arihant Capital Markets said, “Though the markets were in green through out the day, at the end, there was intense selling by FIIs and investors in the IT sector stocks which led the benchmark indices to end in red. However, the overall market mood was positive on Monday.”

Dealers also said that markets may remain volatile till July 21-22, when the UPA government will seek vote of confidence in Parliament.

In the sectoral indices, BSE-IT lost 232.04 points or 5.94% before closing the day at 3,675.59 points and BSE-Teck also closed at 2,886.11 points, losing 115 points or 3.83%. While PSU, oil & gas, auto, metal and consumer durables ended on the positive note, on the BSE sectoral indices.