Sensex fails to maintain initial gains, down 78 pts
Monday, 02 May 2011, 23:12 IST
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Mumbai: The BSE benchmark Sensex failed to maintain initial gains and was down by 78 points at 1015 hours today due to selling pressure, mainly in the banking sector, ahead of the annual monetary policy review meeting of the Reserve Bank Of India. Sustained selling by foreign institutional investors (FIIs)last week also affected the market sentiment. As per provisional data, foreign institutional investors (FIIs)sold shares worth Rs 689.89 crore and domestic funds sold shares worth Rs 61.06 crore last Friday. The BSE benchmark Sensex resumed higher at 19,224.05 and hovered in a range between 19,253.87 and 19,040.50 before quoting at 19,057.84 at 1015 hours, showing a net loss of 78.12 points, or 0.41 per cent. The NSE's 50-share Nifty index also moved down by 32.30 points, or 0.56 percent, to 5,717.20 at 1015 hours from its previous close. Among the 30-share Sensex pack, 17 stocks declined while the remaining gained. From the Sensex pack, Larsen & Toubro (down 1.95 percent), State Bank of India (down 1.63 per cent) and Jindal Steel and Power (down 1.48 per cent) were the biggest losers. All eyes are now on the Reserve Bank of India's (RBI) 2011-2012 annual monetary policy review tomorrow. Meanwhile, other Asian stock markets edged higher in early trade. The key benchmark indices in South Korea, Japan and Indonesia rose by between 0.44 per cent and 1.55 per cent. Markets in China, Hong Kong, Singapore and Taiwan were closed for a local holiday. All eyes are now on the Reserve Bank of India's (RBI) 2011-2012 annual monetary policy review tomorrow. Meanwhile, other Asian stock markets edged higher in early trade. The key benchmark indices in South Korea, Japan and Indonesia rose by between 0.44 percent and 1.55 percent. Markets in China, Hong Kong, Singapore and Taiwan were closed for a local holiday.
Source: PTI
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