Sensex dips below 16,000; RIL takes a hit


The Sensex, which gained nearly 300 points in early trade, fell back to show a loss of 156.44 points at 15,896.28 as blue-chips Reliance and Infosys fell on profit-selling at existing higher levels.
Among 30 sensex stocks, 19 declined and 11 ended with gains.

Shares of Reliance Industries fell by nearly 3.62 per cent to Rs 1,931.25, a day after the company reported a 6.4 per cent drop in its net profit for the second quarter of the fiscal.
Second heaviest on the benchmark, Infosys Technologies lost 0.10 per cent to Rs 2,205.40. The two carry nearly 23 per cent weight on the Sensex.

Similarly, the wide-based National Stock Exchange index Nifty lost 38.85 points at 4,711.70, after touching the day's low of 4,687.50.

The oil and gas sector index suffered the most by 2.79 per cent to 9,434.43 followed by teck index by 1.93 per cent to 2,855.37.

Foreign Institutional Investors reportedly were aggressive seller in the cash segment on the first day of new derivatives series even as the world's largest economy, US, returned to growth in the third quarter, growing at 3.5 per cent after its worst recession since 1930.

Besides, disappointing quarterly earnings by Reliance Industries and Bharti Airtel, rising inflation and easing export figures influenced the trading sentiment.

The power sector index suffered a loss of 1.49 per cent to 2,914.62, healthcare index 0.89 per cent to 4,377.20, FMCG index 0.60 per cent to 2,808.97, IT index 0.49 per cent to 4,425.52 and capital goods 0.46 per cent to 12,873.48.

With the selling pressure spilling over a wide-front, smallcap index fell by 0.77 per cent to 7,058.72 and midcap index by 0.54 per cent to 6,014.30.

However, the falling trend was partly capped as shares in metal, auto and realty sector closed with small to notable gains.

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