Sensex snaps 4-day gaining streak, falls 120 points
Mumbai: Snapping a four-day rally, the BSE benchmark Sensex on Friday fell from six-week high by losing 120 points dragged down by RIL, ICICI Bank and TCS amid a weak global trend.
The Sensex declined by 120.23 points, or 0.62 percent, to 19,286.72. The gauge had climbed to a level last seen on March 15 yesterday. It had gained 676 points in last four sessions.
Similarly, the wide-based National Stock Exchange index Nifty fell by 44.85 points, or 0.76 percent, to 5,871.45 led by two most heavy weight Reliance Industries and Infosys.
Brokers said besides investors booking profits at higher levels, a weak earning by JSPL triggered selling.
Traders said a weakening trend in the Asian region and lower opening in Europe on earning concerns also shadowed the domestic markets here.
Among the lenders, ICICI Bank led the fall dropping 2.82 percent to Rs 1,144.30, State Bank of India fell by 1.78 percent to Rs 2,289.55, after the recent upsurge on hopes the Reserve Bank might cut interest rate in its policy meeting on May 3.
ICICI bank today reported 21 percent jump in net profit at Rs 2,304.07 crore for the fourth quarter ended March 31.
In 30-BSE index components, 19 stocks declined led by two most heaviest RIL and Infosys, with their nearly 16 percent weightage, dropping 3.19 percent to Rs 793.15 and by 0.66 percent to Rs 2,212.30, respectively.
However, auto stocks gained as Maruti Suzuki rose by 5.57 percent to Rs 1,673.45 on higher earnings and saved the market from any major fall.
The realty sector suffered the most by losing 2.20 percent to 1,892.92 followed by oil and gas index by 1.61 percent to 8,691.77. IT index fell by 1.51 percent to 5,614.92 and banking index by 1.39 percent to 14,343.35.