Business

Sensex Slips 41 Points, Wipes Out All Gains

The Sensex touched a high of 28,328.56 points and a low of 28,031.22 points during the intra-day trade.

The total turnover during the week on the BSE fell to Rs 18,280.84 crore from last weekend's level of Rs 19,360.53 crore while NSE rose to Rs 1,27,819.04 crore from Rs 1,03,707.49 crore.

Oct 6 Indian shares rose on Thursday, tracking gains in Asian markets, as strong USA services sector data and an overnight rally in oil prices boosted sentiment, with investor focus expected to shift to June-quarter corporate results starting next week.

Meanwhile, benchmark equity indexes like the S&P; BSE Sensex and the Nifty 50 rose 0.3% and 0.4%, respectively, for the day. The Institute of Supply Management reported on Wednesday that its non-manufacturing activity index surged to a reading of 57.1, hitting an 11-month high and well above market consensus of 53.

Investors are also anxiously waiting for the upcoming monetary policy review on October 4, the first to be held under the new RBI Governor Urjit Patel.

There was a marked sense of optimism after International Monetary Fund raised its growth projection for India in 2016-17 to a robust 7.6%, accelerating buying activity, brokers said.

However, disappointing macro-data, which showed that India's private sector economy lost momentum in September, hampered the risk-taking appetite.

The rupee gained more against the dollar, buoying the overall mood.

"Lower crude oil prices and a weak rupee, too, dented the equity markets".

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty traded with sideways to bearish sentiments throughout the session on profit booking at higher levels. On BSE, 1717 stocks are trading higher, while 914 stocks are down in negative territory and 120 stocks hover around their previous closing levels.

Jindal Steel and Power said on Wednesday it had not made interest payments due on some of its non-convertible debentures, underscoring the size of the debt-laden company's woes. The BSE Small- Cap index fell 178.10 points or 1.37 per cent to settle at 12,780.80. The Nifty, was also down by 25.20 points, or 0.29 per cent.

Auto stocks fell. Mahindra & Mahindra (M&M;) (down 2.18%), Bajaj Auto (down 0.53%), Tata Motors (down 0.9%), Hero MotoCorp (down 0.35%) and Ashok Leyland (down 0.49%) gained.

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Sensex Slips 41 Points, Wipes Out All Gains