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Sensex down 58 points; NIfty settles below 9650

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Mumbai: In a volatile session, the BSE benchmark Sensex today fell by almost 58 points to 31,213 on profit-booking in recent gainers by investors, who maintained a cautious stance ahead of United Kingdom polls and the European Central Bank meeting.

"Markets will take cues from the global developments in the coming session". In mainland China, the Shanghai Composite and Hong Kong settled higher by 0.19% to 0.36%.

Closer home, benchmark indexes Sensex and the Nifty rose about 0.3 percent on Wednesday and the rupee recovered from early lows to close 10 paise higher at 64.33 against the dollar after the RBI cut statutory liquidity ratio by 50 basis points and reduced risk weight on specific categories of housing loans. "Investors can continue to accumulate good stocks on every dip, as the underlying sentiments remain positive", Manglik added. Gas utility GAIL fell as much as 4.3 percent, oil refiner International Olympic Committee dropped 2.1 percent and automaker Hero MotoCorp declined 1.5 percent. Similarly, the broader NSE 50-share Nifty also followed the suit, opening at a new high of 9,704.25 and gained further ground to hit a new high of 9,709.30.

Major Sensex losers were: Tata Consultancy Services (TCS), down 2.97 per cent at Rs 2,615.35; Wipro, down 2.10 per cent at Rs 548.85; Infosys, down 1.83 per cent at Rs 961.50; Tata Motors, down 0.64 per cent at Rs 457.95; and Adani Ports, down 0.59 per cent at Rs 359.70.

Domestic institutional investors (DIIs) had also bought shares worth a net Rs 166.22 crore as per provisional data. Taiwan market dropped by 0.20%. Bharat Forge was the biggest gainer, the stock rose by 3.78 per cent and ended the session at Rs 1,210.30. The S&P BSE Mid-Cap index provisionally fell 0.62%. Healthcare stocks rise with BSE Healthcare index rising by 1.34% to trade at 13988.19 points.

The BSE market breadth was bullish - with 786 advances and 361 declines.