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Rediff.com  » Business » Sensex snaps recent gains, falls 120 pts; RIL, ICICI decline

Sensex snaps recent gains, falls 120 pts; RIL, ICICI decline

Last updated on: April 26, 2013 17:09 IST

Snapping a four-day rally, the BSE benchmark Sensex on Friday fell from six-week high by losing 120 points dragged down by RIL, ICICI Bank and TCS amid a weak global trend.

The Sensex declined by 120.23 points, or 0.62 per cent, to 19,286.72. The gauge had climbed to a level last seen on March 15 on Thursday. It had gained 676 points in last four sessions.

Similarly, the wide-based National Stock Exchange index Nifty fell by 44.85 points, or 0.76 per cent, to 5,871.45 led by two most heavy weight Reliance Industries and Infosys.

Brokers said besides investors booking profits at higher levels, a weak earning by JSPL triggered selling.

Jindal Steel fell by 4.29 per cent to Rs 314.70 after the company's consolidated net profit fell by nearly 35 per cent for the quarter ended March 31.

Traders said a weakening trend in the Asian region and lower opening in Europe on earning concerns also shadowed the domestic markets here.

Among the lenders, ICICI Bank led the fall dropping 2.82 per cent to Rs 1,144.30, State Bank of India fell by 1.78 per cent to Rs 2,289.55, after the recent upsurge on hopes the Reserve Bank might cut interest rate in its policy meeting on May 3.

ICICI bank reported 21 per cent jump in net profit at Rs 2,304.07 crore for the fourth quarter ended March 31.

In 30-BSE index components, 19 stocks declined led by two most heaviest RIL and Infosys, with their nearly 16 per cent weightage, dropping 3.19 per cent to Rs 793.15 and by 0.66 per cent to Rs 2,212.30, respectively.

However, auto stocks gained as Maruti Suzuki rose by 5.57 per cent to Rs 1,673.45 on higher earnings and saved the market from any major fall.

The realty sector suffered the most by losing 2.20 per cent to 1,892.92 followed by oil and gas index by 1.61 per cent to 8,691.77. IT index fell by 1.51 per cent to 5,614.92 and banking index by 1.39 per cent to 14,343.35.

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