BSE Sensex down on selling pressure; IT stocks major losers

Jun 04 2014, 11:40 IST
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BSE Sensex had gained over 641 points in last two trading sessions. BSE Sensex had gained over 641 points in last two trading sessions.
SummaryBSE Sensex had gained over 641 points in last two trading sessions.

The benchmark BSE Sensex failed to maintain initial gains and was trading lower by 13 points in morning trade today on mild selling pressure in IT and tech stocks on the back of lower Asian cues.

The 30-share index resumed higher at 24,909.03 and firmed up further to a high of 24,925.90 on initial strong buying in view of persistent foreign capital inflows.

However, it declined afterwards to 24,805.17 before quoting 24,845.97 at 1000 hours, showing a loss of 12.62 points, or 0.05 per cent, from its last close.

The NSE 50-share Nifty also moved down by 7.25 points, or 0.10 per cent, to 7,408.60 at 1000 hours.

Major losers were Tata Consultancy Services (TCS) (1.91 per cent), Oil & Natural Gas Corp (ONGC) (1.15 per cent), Wipro (1.11 per cent), M&M (1.08 per cent) and Coal India (0.88 per cent).

However, Bajaj Auto rose 2.39 per cent, Tata Steel (2.21 per cent), Hindalco (2.19 per cent), Tata Motors (1.53 per cent) and Gail India (1.39 per cent).

Foreign institutional investors (FIIs) bought shares worth a net Rs 575.09 crore yesterday, as per provisional data from the stock exchanges.

Asian stocks fell in their early trade as investors await a report on US jobs and a decision from the European Central Bank on monetary policy later in the week.

Key benchmark indices in Singapore, Japan, Hong Kong and China were down 0.05-0.94 per cent while Taiwan's Taiwan Weighted rose 0.09 per cent.

US stocks edged lower yesterday following all-time highs for benchmark indexes on Monday, as investors awaited European Central Bank's decision on stimulus measures and a report on American employment in May.

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