Mumbai: Indian shares snapped a nine-day winning streak on Tuesday as traders opted for profit booking ahead of holiday. The 30-share BSE Sensex, which surged over 1200 points in previous nine sessions (due to FDI approvals, diesel price hike, Fed stimulus and favourable German's Constitutional ruling on ESM), fell 46.30 points to close at 18,496.01.
Meanwhile, the 50-share NSE Nifty closed above the 5600 level for the second consecutive session today, which was down 9.95 points to 5,600.05, weighed down by Reliance Industries, TCS and ICICI Bank.
However, the broader markets outperformed benchmarks as advancing shares outnumbered declining by 1661 to 1183 on the Bombay Stock Exchange. The BSE Midcap Index was up 0.88 per cent and Smallcap rose 0.8 per cent.
The weakness in European markets on concerns over Spain too added somewhat pressure on Indian equities. European shares and the euro slipped as investors turned their attention from central bank stimulus to slowing global growth and uncertainty about Spain's desire for an international aid package. France’s CAC and Germany’s DAX fell over 1 per cent while Britain’s FTSE was down 0.88 per cent. Asian markets too ended lower.
Back home, public sector lenders shot up quite sharply today. Top lender State Bank of India surged 3.6 per cent while Allahabad Bank, Andhra Bank, Bank of India, Bank of Baroda and Punjab National Bank were up 3-7 per cent. Oriental Bank of Commerce, Canara Bank and Union Bank jumped 9-13 per cent. However, private sector lenders ICICI Bank and HDFC Bank were down 1.1 per cent and 0.3 per cent, respectively.
Country's largest software services exporter TCS lost 3 per cent on worries over second quarter earnings. Wipro tanked 3.8 per cent while Infosys gained 1.5 per cent as the Bank of America Merrill Lynch upgraded the stock to buy rating from neutral.
Index heavyweight Reliance Industries and aluminium major Hindalco Industries fell over 2 per cent. Among Tata pack, Tata Motors, Tata Steel and Tata Power declined 1 per cent.
State-owned power equipment manufacturer BHEL topped the buying list, rising 5.44 per cent as sources say BHEL-Hitachi and BEML were among seven companies, which bid in Delhi Metro tender for supply of 486 coaches.
Gas transportation services provider GAIL spiked 3 per cent and telecom operator Bharti Airtel rose 1.3 per cent.
In the second line shares, GVK Power was up 3 per cent and Lanco Infratech rallied 11 per cent.IRB Infrastructure gained 8 per cent. Sugar stocks like Shree Renuka and Bajaj Hindusthan were up 4.6-6 per cent.
PFC and REC, which provide finance to power sector, surged 5-8 per cent as reports that cabinet may consider power debt restructuring package soon. Pantaloon Retail fell 4 per cent on profit booking.
Indian markets will be shut tomorrow on Ganesh Chaturthi.