Sensex ends 146 points down; banks, oil & gas drag
28 Dec 2011
The market shaved off all Monday's gains in the last two days' fall amid volatility, especially weighed down by banks and Reliance for second consecutive session. It seems like bears were partying ahead of the F&O expiry tomorrow.
The movement seen in the market this week was despite absence of global cues as global markets are in a holiday mood for Christmas.
At the close, the Sensex was down 146.10 points to 15,727.85. The Nifty touched an intra-day low of 4,685.65, before closing down 44.70 points at 4,705.80. Dilip Bhat, Joint MD of Prabhudas Lilladher feels that the market would continue to be volatile ahead of expiry. "It will not be easy for the market to go down neither will it be so easy to even go up, so that could be the reason for volatility," he explained.
According to Sudarshan Sukhani of S2analytics.com, the last support for the Nifty is 4640. "If the market breaks that and go below it then the up move will be over," he said.
Banks saw major selling pressure ahead of expiry - BSE Bankex tumbled 2%. Shares of country's largest lenders ICICI Bank and SBI fell 3.88% and 2%, respectively.
Among other banks, Bank of India, Bank of Baroda, Federal Bank, IndusInd Bank, PNB, Union Bank and Yes Bank were down 2.5-4% while HDFC Bank and Kotak Mahindra ended flat.
.webp)
