Sensex down 26 pts on inflation, global cues; ICICI, RIL lose

Mumbai, June 24 (PTI) The Bombay Stock Exchange benchmark
Sensex Thursday closed down 26 points on heavy selling in
ICICI Bank and RIL shares, amid rising food prices casting a
shadow over the markets.
The 30-share index was trading in the green till
mid-session, but it pared the 90-point gain, with investors
tracking cues in European bourses, which opened on a weak
note.
Finally, the barometer closed at 17,730.24, down by 25.70
points, or 0.14 per cent.
Similarly, the National Stock Exchange's wide-based Nifty
Index finished at 5,320.60 points, down 0.05 per cent.
According to analysts, the rise in food inflation had a
negative impact on the market sentiment. Food inflation rose
to 16.9 per cent for the week ended June 12 from 16.12 per
cent in the previous week.
Brokers said ICICI Bank, which took a hit of 1.90 per
cent to Rs 884.85, mainly dragged down the Sensex. It was the
biggest loser in the Sensex components after Reliance Infra,
which sank 1.95 per cent.
RIL, which Thursday acquired a second shale gas property
in the US for USD 1.3 billion, lost 0.69 per cent to Rs
1,051.30.
Reliance Industries, the country's most valued firm,
which carries the maximum weightage on the Sensex, had
announced that it will acquire a 45 per cent stake in US-based
Pioneer Natural Resources' shale gas assets.
Marketmen said that expiry of the derivatives segment
also contributed, pulling down the index. "Today being the
last date for settlement in the Futures & Options (F&O)
segment, the session was volatile. Global cues were also not
supportive for the Indian markets," Anand Rathi Securities
Head Of Research D D Sharma said.
Markets across the globe weakened after the US Federal
Reserve said the recovery in the world's biggest economy is
modest. It also retained interest rates at historic low
levels.
Anther bluechip on the BSE, Sterlite Industries declined
for another day and ended at Rs 173.90, down 1.31 per cent.
Maruti Suzuki dropped 1.64 per cent, TCS 1.49 per cent and DLF
1.08 per cent.
Stock-specific action was more prominent in today's trade
and a mixed picture was visible across the sectors. MORE PTI
SKR
RDM


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