Mumbai: Equity benchmarks extended losses on Monday amid weak European cues, as investors preferred taking more profits out. From last month, it has been seen that whenever the BSE Sensex tried to hold the 20000-level it has always seen profit booking.
Sudarshan Sukhani of s2analytics.com says today's market action is only confirming that the immediate trend is down. However, he expects the market to find some support sooner rather than later.
Sensex slipped another 150 points, to close at 19610.48, after shedding 455 points in previous session. The Nifty lost 46.65 points, to end below 5950 level at 5,939.30.
Software services provider Infosys shares hogged the limelight after the company appointed NR Narayana Murthy as an executive chairman of the board. Top lender State Bank of India and telecom operator Bharti Airtel also supported the market.
Meanwhile, selling in oil and gas, auto, private financials and infrastructure stocks dragged the market down. Shares of Maruti, Bajaj Auto, Hero Motocorp, ONGC, TCS, HDFC and Reliance dropped between 2-4 per cent.
Sun Pharma plunged 2.7 per cent after media reports that the company is in talks to buy Swedish drugmaker Meda. Among midcaps, CRISIL surged 20 per cent, after McGraw Hill Financial Inc offered to hike its stake in the domestic ratings agency to 75 per cent from 52.77 per cent.
Meanwhile, the rupee depreciated by 21 paise to 56.70 per dollar. On the global front, European markets trimmed losses after more than one percent fall in an initial trade. France's CAC, Germany's DAX and Britain's FTSE were down around 0.4 per cent, at the time of closing of Indian market.
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