BSE Sensex closes flat, NSE Nifty falls ahead of Narendra Modi swearing-in as PM

May 26 2014, 17:00 IST
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The 30-share BSE Sensex index had, at one point, surged 482 points to hit day's high of 25,175.22. The 30-share BSE Sensex index had, at one point, surged 482 points to hit day's high of 25,175.22.
SummaryBSE Sensex still best performing in Asia, Pakistan and Indonesia follow.

rising as much as 1.95 percent.

The broader NSE index lost 0.1 percent, or 8.05 points, to end at 7,359.05, after rising as much as 1.9 percent during the day.

Among blue-chips, IDFC fell 4.7 percent while Tata Power Co ended 4.2 percent lower.

DLF fell 5.9 percent while Bharat Heavy Electricals lost 4.8 percent.

State Bank of India fell 1.9 percent as investors pared positions after Friday's 9.6 percent jump.

Heavy outperformance since mid-March and investors' inclination for reducing perceived volatility in portfolios is leading to paring of positions in mid-cap stocks, dealers said.

Ramco Cements Ltd slumped 6.5 percent, Oriental Bank of Commerce declined 5.8 percent, while Jain Irrigation Systems lost 4.9 percent.

Divi's Laboratories Ltd slumped 4.1 percent, recording its biggest single-day fall since Sept 3, 2013, after the company's Jan-March net profit rose 6 percent to 1.9 billion rupees, lagging some analysts estimates.

However, among stocks that gained, Sun Pharmaceutical Industries Ltd rose 1.2 percent and Ranbaxy Laboratories Ltd ended up 0.4 percent after an Indian court lifted a temporary stay it imposed on the on completion of the companies' $3.2 billion merger.

HIGHLIGHTS

* BSE index gains 0.1 pct; NSE ends 0.1 pct lower

* Mid-caps slump on profit-taking after heavy outperformance

* Divi's Lab slumps after earnings lag estimates

FACTORS TO WATCH

* Euro roughly flat after Eurosceptic surge

* Brent slips below $110 after Ukraine election

* Bonds, stocks brush off Eurosceptic election gains

* Foreign institutional investor flows

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