Sensex ends down 40 pts at near 3-mth lows on profit-booking
The BSE benchmark Sensex today closed 40 points down at 18,877.96, near its three-month lows, on profit-booking led by metal shares, amid weak global cues.
The domestic market ended lower even as global rating agency Moody's applauded Finance Minister P Chidambaram's Budget saying that it pursues realistic fiscal consolidation path and is 'credit positive'.
After resuming on a flattish note at 18,920.90, the S&P BSE Sensex fell over 150 points within first hour of trade on concerns over global growth outlook and weak data from Europe.
Thereafter, Sensex tried to script a turnaround on numerous occasions but profit-selling kept it in on a tight leash. It finally settled at 18,877.96 -- a loss of 40.56 points, or 0.21 per cent compared to Friday's level.
At this level, the index is close to the three-month low of 18,842.08 hit on November 27. On Budget day, Sensex had closed at 18,861.54 after tanking 291 points.
The broad-based National Stock Exchange index Nifty today lost 21.20 points, or 0.37 per cent, to close at 5,698.50.
"India's budget pursues realistic fiscal consolidation, a credit positive for the sovereign", said Moody's in its credit outlook for the country.
Second-line shares continued to reel under heavy selling pressure. As a result, total 362 stocks closed at their lower circuit bands. NHPC lost over 18 per cent.
Across-the-board selling was seen as 12 out of 13 sectoral indices ended with losses with metal, realty, consumer durable, capital goods and PSUs suffering the most.
Metal shares from 30-share Sensex like Jindal Steel, Hindalco, Tata Steel and Sterlite
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