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  • Sensex erases early gains; fails to maintain 20k level

    Published on December 6, 2010

    Fag-end selling in stocks erased almost all the early gains with the BSE benchmark Sensex on Monday ailing to hold 20,000-level and ending flat as investors booked profits amid a weak global trend.

    The B S E benchmark Sensex, after climbing to 20,217.86, fell back to close marginally up by 14.38 points, at 19,981.31, as banking and realty sector stocks fell following hike interest rates.

    The broad-based National Stock Exchange index Nifty also eased 0.55 point to 5,992.25, after touching the day’s high of 6,069.45 and a low of 5,981.70 points.

    A weak trend in the Asian region and lower opening in Europe on Monday afternoon further influenced the market sentiment.

    In 30-BSE index components, 18 stocks closed with gains while 12 other ended lower. Stocks of banking, PSU, FMCG, Realty, Consumer Durable and Healthcare sector were major losers.

    Selling pressure sparked in last 30-minutes of trading as investors feared the top lenders raising interest rate might effect revenue of banking and housing sector, said Rajiv Malik of RNM Financial Services.

    He said the sentiment partly effected after the Asian and European stocks tumbled, sending some negative signals.

    The down-trend was capped as front-runner stocks like Reliance Industries, Infosys Technologies, Tata Steel and JSW Steel notched up significant ground.

    The market’s heaviest weighted, Reliance Industries rose by Rs 13.35 to Rs 1,019.75 and second heaviest Infosys Technologies by Rs 22.45 to Rs 3,145.45. The two carry nearly 23 percent weightage on the benchmark.

    The benchmark also escaped from any major fall as metal, oil and gas, information technologies, auto, tech and capital goods stocks managed to close higher.

    The metal sector index gained the most by 2.30 per cent to 16,562.35 followed by oil and gas index by 0.84 per cent to 10,411.33. IT index also rose by 0.58 percent to 6,267.17.

    Tata Steel, a largest steel producer, rose by Rs 20.75 to Rs 634.95 on course for its highest close in almost four weeks, following reports that global miner Rio Tinto has made a bid approach for Africa-based Riversdale Mining, in which the company has 24.16 percent stake.

    Jindal Steel, the second-biggest producer of the alloy, shot up by Rs 19.40 to Rs 699.05 on reports that the committee set up by the environment ministry has approved the expansion of its coal-power plant in India.

    Hindalco Industries, the aluminium producer which also controls Atlanta-based Novelis, rallied Rs 5.80 to RS 221.30 on firming global trend.