Sensex flip-flops in volatile trade; closes 81 pts down

Mumbai, Oct 26 (PTI) In a volatile trade, the Bombay
Stock Exchange benchmark Sensex Tuesday gained nearly 41
points before ending with a loss of over 81 points on profit
booking by funds amid a weak global trend.
The Sensex, which had gained 137 points in the previous
session, closed with a loss of 81.73 points to 20,221.39,
after touching the day's high of 20,344.68.
In similar fashion, the broad-based National Stock
Exchange index shuttled between 6,120.25 and 6,074.65, before
ending with a loss of 23.80 points at 6,082.00.
Trading sentiment remained bearish, as Asian pears turned
weak while strong capital inflows kept undertone upbeat and
minimised the losses.
Investors turned somewhat cautious and kept their
interest confined to specific areas, as 12 stocks in 30-BSE
index component were higher and other 18 closed with losses.
Stocks of metal, bank and healthcare drove the market
downward but a rise in consumer durable, auto and FMCG on
expectations of higher revenue from current festival sales,
saved the market market from any major fall.
The metal sector index suffered the most by losing 1.21
per cent to 17,000.46 as Tata Steel fell by Rs 16.30 to Rs
605.43 and Hindalco Industries Ltd -- the biggest aluminium
producer -- declined by Rs 3.45 to Rs 217.70, paring its 4.4
per cent climb Monday.
The banking sector index was second worst performer by
falling 0.81 per cent to 14,059.42, followed by PSU index by
0.77 per cent to 10,390.88. Healthcare by 0.62 per cent to
6,506.09 and power index by 0.58 per cent to 3,212.93.
Tata Consultancy, the biggest software services provider
and a index kitty stock, dropped 0.32 per cent to Rs
1,060.25, reversing a three-day, 11 per cent gain.
The heaviest weight stock, Reliance Industries, gained Rs
6.15 to Rs 1,096.50 and auto major Maruti Suzuki Udhyog by Rs
54.20 to Rs 1,562.85.
Normally, auto and consumer durable sale picks up during
the Diwali festival, considering it an auspicious day in Hindu
mythology for buying new products, brokers said.
They said purchases of watches, branded jewellery and
other households rises on account of gifts during the festival
and supports the FMCG counter to some extent.
Titan Industries, a leading jewellery and watches
producer, rose 6.22 per cent to Rs 3,491.35 after saying
second-quarter profit rose 65 per cent from a year earlier.
The undercurrent of the market was bullish as foreign
investors pumped in a record 70 per cent funds into Indian
equity markets this year, making the benchmark index the most
expensive in Asia and among the world’s leading markets.