Equities end in red on global cues
Sensex dropped 1.09% or 211.92 points to end the day at 19,242 and Nifty settled 1.16% or 68.70 points lower at 5,847.70, tracking a similar fall in major Asian indices. Losses were even higher in the broader markets, with BSE midcap and BSE smallcap indices falling 1.5%, each. Moreover, all major sectoral indices ended in the red on Friday, with BSE realty index losing most in Friday's session (-3.5%).
Individually, metal stocks were the biggest loser on Friday. Jindal Steel and Sterlite Industries declined the most, with both scrips falling over 3%. Bharti Airtel, too, declined over 3% following reports that Central Bureau of Investigation (CBI) may file charges against the company as part of a broader case involving alleged irregularities in airwave allocations.
Market experts believe traders booked profits ahead of the weekend following series of negative news hitting the market. Investors adopted a cautious stance, as a result of year-end profit-booking activities amid lack of consensus over the US fiscal cliff talks, they said. Analysts also attributed the fall in markets to the forthcoming derivatives (F&O) expiry, which is less than a week away. According to exchange data, nearly one-third of positions for December expiry were rolled over to forward
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