Sensex Slips 180 Points Amid Profit Booking As Oil Recovers

Tuesday, November 26, 2013
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Mumbai: The benchmark slid 180 points as crude oil prices recovered and investors booked profits in , PSU and oil & gas sector stocks.

The absence of fresh triggers and cautious sentiment before the expiry of monthly derivative contracts and the release of data also weighed on sentiment, traders said.

, , and Industries dragged the Sensex lower. and Coal were among the biggest losers on the index.

The 30-share S&P Sensex resumed steady at 20,604.27 and then declined to 20,390.62. It ended at 20,425.02, down 180.06 points or 0.87 per cent.

The CNX on the fell 56.25 points, or 0.92 percent, to end at 6,059.10. The SX40 index on the Stock Exchange closed 106.90 points lower at 12,124.35.

"Profit booking at higher levels and rollover of positions ahead of F&O expiry this week are likely reasons for today's sell-off," said Nidhi Saraswat, Senior Research Analyst at Bonanza Portfolio.

The market may remain volatile as traders roll over positions in the futures & options segment from the November 2013 series to the December 2013 series. The November derivatives contract will expire.

Brent and WTI oil futures contracts advanced. Oil prices had fallen yesterday after Iran agreed to restrain its nuclear programme in exchange for relief from sanctions.

"After the historic deal between Iran and world powers which brought down crude prices by over USD 2, markets today shred all its gains and traded negative throughout the day amidst some strong selling pressures due to profit booking and slack trading from the FII community," said Jignesh Chaudhary, Head of Research at Veracity Broking Services.

Asian stocks ended mostly lower on profit taking after recent gains. Key indices in China, Hong Kong, Japan and Singapore fell while indices in South Korea and Taiwan were up.

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Source: PTI
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