Sensex sheds 214 points ahead of expiry; metal, auto dive 2%
24 Aug 2011
Indian equity benchmarks lost further ground in the last half hour of trade as profit booking picked up pace, Sensex, which saw nearly 350 points rally in the previous two sessions, lost more than 200 points today despite positive European cues. Meanwhile, the Nifty dived below the 4900-mark.
Lot of short positions were built up in banking, auto and select metal stocks ahead of F&O expiry tomorrow. Capital goods and technology companies' shares too added pressure.
Ashish Chaturmuhta of IIFL Private Wealth Management said there was a lot of put writing happening at the 4,800 level. "The Nifty can go towards 4,820-4,800 level but around those levels we may see some kind of support emerging in the market."
He sees expiry around the 4,850-4,880 levels.
The 30-share BSE Sensex shed 213 points, to close at 16,285 and the 50-share NSE Nifty fell 60 points, to end at 4,889.
On the global front, Asian markets closed down 0.5-2%. However, European markets were trading 0.4-1.2% higher.