FMCG takes Sensex down 3 pts

Our Markets Bureau

Mumbai, Aug 24: THE stock market, after opening with a downward trend, closed marginally down on the back of rising technology stocks, which offset to some extent the fall in FMCG counters on BSE on Friday.

The benchmark Sensex opened the day at 302.22 points, went to an intra-day low of 3308.79 points before closing at 3305.51 points, down 3.26 per cent. At the National Stock Exchange, the S&P CNX Nifty closed at 1069.15 points, down 2.35 points. The market opened on a subdued note due to selling pressure after Thursday’s gain. Selling was witnessed in defensive counters also. Cement stocks like Grasim, Gujarat Ambuja and L&T lost further ground amid talks of softening of stock prices. Pharma counters like Ranbaxy, Dr Reddy’s and Glaxo went down. FMCG heavyweights like HLL and ITC also remained subdued.The market moved in an extremely narrow range in afternoon trades and tech stocks were in the limelight on renewed institutional as well as speculative buying.

Software stocks’ recovery was seen mainly on account of US software major, Cisco announcing that it sees stabilisation of its business.