Sensex slips 107 pts dragged by FMCG, metal stocks in run up to key data, RBI policy
The Nifty 50 index settled 0.13% lower at 19,571, while the S&P BSE Sensex declined 107 points or 0.16% to 65,846. From the Sensex pack, Power Grid, M&M, JSW Steel, Sun Pharma, Nestle and Relaince Industries closed in the red, whereas Tech Mahindra, Wipro, Bajaj Finance, SBI and Bajaj Finserv ended higher.Hero MotoCorp shares closed 4% higher after the 2-wheeler maker firm received more than 25,000 bookings for Harley-Davidson X440. Drug maker Gland Pharma closed with a 20% upper circuit after reporting a 41% rise in June-quarter revenue, aided by the acquisition of French firm Cenexi.
The metals index was the top sectoral loser, shedding 1.17%, dragged by a 2.17% fall in Hindalco Industries on posting a 40% slide in June quarter profit. Hindalco was among top losers on the Nifty 50. However, banks, private banks and financial services gained between 0.19% and 0.32% while public sector banks climbed 3.37%.
The pharma index gained 0.64% and hit a record high. Domestic investors await the Reserve Bank of India's policy decision, due on Thursday. The market breadth was skewed in the favour of the bulls.
About 1,853 stocks gained, 1,751 declined, and 151 remained unchanged on the BSE.Expert Views «On the global front, investors are adopting a cautious approach even amid declining bond yields as they await the release of crucial economic data. The significant drop in Chinese exports has also contributed to concerns within the global market,» said Vinod Nair, Head of Research at Geojit Financial Services. FIIs remain in a selling mode in the domestic market, yet active buying from DIIs is mitigating downside risks, Nair said.
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