Mumbai: The benchmark Sensex gave up initial gains in a lacklustre session today following the absence of global triggers and ended with a 30-point loss, logging a drop on the opening trading day of the year for the first time since 2006.
Most global stock markets, including those in Asia, Europe and New York, are closed today. Reliance Industries, TCS and Infosys shares were the biggest drag on the index, which received some support from Bharti Airtel. Wipro and Tata Power fell.
Three of the 12 BSE sectoral indices fell -- IT, tech and oil & gas. The realty sector index notched up a huge jump while the others eked out minor gains.
The S&P BSE Sensex opened higher and climbed to 21,244.35. It traded in a 110-point range before ending at 21,140.48, a loss of 30.20 points or 0.14 per cent.
It was the first drop for the index on day one of the year since January 2, 2006, when the Sensex fell 7.8 points.
The broader, 50-share CNX Nifty on the National Stock Exchange was down 2.35 points to 6,301.65.
Though the index fell, the market breadth was strong as retail investors bought second-line stocks. The Small Cap and Mid Cap indices outperformed the Sensex with gains of 1.5 per
cent and 0.47 per cent, respectively.
Government data released after market hours yesterday showed India's fiscal deficit touched 93.9 per cent of the annual target in April-November. An index of eight core industries grew 1.7 per cent in November from 5.8 per cent a year earlier.
Foreign institutional investors bought shares worth a net Rs 309.70 crore yesterday, according to provisional data from the stock exchanges.
US stocks rose to records yesterday with the Standard & Poor's 500 Index posting its best year since 1997. The Dow Jones Industrial Average ended 2013 with a gain of 26.5 per cent, the most since 1995, and the Nasdaq Composite Index surged more than 38 per cent, its biggest gain since 2009.
The rupee washed out almost all of the previous day's gains and fell 10 paise to 61.90 against the dollar today in a lukewarm session on the first trading day of the new year.
Almost all world markets are closed today on account of the New Year's Day holiday.
A drop in local stocks and fresh dollar demand from importers weighed on the rupee. Persistent buying by foreign funds in domestic stocks limited the rupee's fall.
At the interbank foreign exchange market, the rupee opened lower at 61.83 a dollar from the previous close of 61.80 and moved in a range of 61.80 to 61.97. It ended at 61.90, a fall of 10 paise or 0.16 per cent.
"It was yet another range-bound session for the rupee...as most global markets have a bank holiday on the occasion of New Year," said Abhishek Goenka, CEO of India
Forex Advisors.
The benchmark 30-share S&P BSE Sensex erased early gains and closed 30.20 points lower in a listless session.
"Today, Indian markets floated around yesterday's close as global markets remained closed for New Year's Day. Indian shares closed near yesterday's close with low volumes in a
range-bound session. Taking cues from this, the rupee depreciated slightly," said Pramit Brahmbhatt, CEO of Alpari Financial Services (India).
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