Sensex below 18k, down 155 pts on profit booking, rising oil

Sensex below 18k, down 155 pts on profit booking, rising oil

Slipping for the third day in a row, the BSE Sensex slipped below the 18k mark today after six sessions to close at 17,923.57, down 155 points, on continuing profit booking and mounting investor concerns over rising crude oil prices.

Capital goods, realty, banking and refinery stocks faced strong selling pressure. Key heavyweights such as RIL, HDFC, L&T, HDFC Bank, SBI and ICICI together erased more than 150 points from Sensex.

Larsen and Tubro was the top loser from the Sensex pack, down 3.60 per cent on profit booking, while housing finance provider HDFC fell 3.45 per cent on reports that global banking major Citigroup is selling its entire stake in it.

The Bombay Stock Exchange 30-share Sensex initially move up to 18,198.15 on firm Asian cues on the back of positive closing on Wall Street yesterday.

However, profit booking by investors on mounting concerns over rising crude oil prices pulled it down to 17,923.57, a loss of 154.93 points or 0.86 per cent. In past three sessions, it has lost 505.04 points or 2.74 per cent.

The NSE 50-share index Nifty also fell, down 54 points or 0.98 per cent to 5,429.30.
"Positive overnight closings in the American markets aided the market opening in green.

However, the uptrend was short lived. Initial losses were seen in heavyweight Reliance and banking stocks. Thereafter selling pressure intensified as the session progressed," said Shanu Goel, Research Analyst at Bonanza Portfolio.

Investor sentiment turned adverse on international crude prices continuing to inch upwards without abating, she said, adding that even the positive openings in European markets were unable to improve the market sentiments.