Pivotals plunge as bulls take to booking profits

Pivotals plunge as bulls take to booking profits

Sensex sheds 190 points as bourses now await Infosys Q2 cues

Analysts attributed the fall to profit booking and also they maintain that pivotals have ofted for a pause before a further surge consequent Infosys Q2 results to be declared on Friday. Bharat Sheth of Techno Shares & Stock Broking maintains that it was a small dip and there was nothing to worry about.

Notwithstanding the day’s fall in both bourses, investors in the newly listed companies had something to cheer about as three IPOs which were listed this day had managed to close with gains. The stock rose 77 per cent, with most of the gains coming towards the end of trade. Its issue price was Rs 102.

Sectorally, IT stocks closed higher on expectations of good earnings, while metals also went high, but other sectoral indices ended with deep cuts. The popular Sensex at BSE closed at 20,497.64 points, down 190.24 points or 0.92 per cent and the 50-share NSE Nifty fell 56.55 points or 0.91 per cent to settle at 6,177.35 points in the day’s closing, while the Nifty October futures’ premium also trimmed down to 16 points from 37 points.

The broader markets could not hold on to their gains either.  The BSE Small Caps declined 0.49 per cent, while the BSE mid-cap index closed 0.27 per cent lower. The market breadth, indicating the health of the market, was weak while it was strong at the onset of the trading session. About 1324 shares on BSE advanced while 1977 scrips declined and nearly 127 shares remained static.

The combined total traded turnover on BSE and NSE stood at Rs 1,64,473.56 crore including Rs 18,489.96 crore from NSE cash segment, Rs 1,39,282.17 crore from NSE futures & options and the balance Rs 6,701.43 crore from BSE cash segment.

Meanwhile during the day at bourses abroad, European stocks came off initial highs leading to key indices in France and Germany rose 0.17 and 0.65 per cent respectively, but UK’s FTSE index fell 0.13 per cent.