Sensex reverses gains, ends lower at 35,158.55 pts on mild sell-off

Sensex reverses gains, ends lower at 35,158.55 pts on mild sell-off

Agency News

Mumbai, Nov 9 : The BSE Sensex reversed the gains and shed on Friday by 79.13 points to close negative at 35,158.55 on mild sell- off in IT, Metal and Technology counters amid weaker cues from global peers.

The Nifty of National Stock Exchange (NSE) too eased by 13.20 points to 10,585.20. The Sensex, which had risen by 245.77 points to 35,237.68 in a special trading session marking the start of the Hindu new year Samvat 2075 on Diwali day on Wednesday, opened positive led by buying in index pivotals, but edged lower in early trade tracking
negative Asian stocks.

Stocks cut losses in morning trade. Indices extended intraday recovery, with the Sensex and the Nifty regaining the positive zone in mid-morning trade. Key indices hovered in a small range near the flat line in early afternoon trade, alternately swinging between positive and negative zone. Indices reversed the gaining trend and were trading with modest losses in afternoon trade. Then, they remained in negative zone throughout the rest of the session before closing in red in late trade.

The Sensex registered day's high and low at 35,287.29 and 35,011.23 points, respectively.The Nifty registered day's high and low at10,619.55 and 10.544.85 points, respectively.

The broader markets closed firm, as the BSE Mid-Cap index and Small- Cap rose 0.66 per cent and 0.58 pc, respectively. Both these indices outperformed the Sensex. The market breadth was positive on BSE, as 1,337 shares gained versus 1,200 fell and 142 were unchanged. Overseas, European shares declined in tandem with the retreat of Asian markets and the Wall Street after the Federal Reserve noted a dip in US business investment and suggested a rate hike was on track in December.

Lingering worries over US-China trade relations also dented the market sentiment. Asian stocks pulled back from a one-month high on Friday as the Federal Reserve looked set to deliver another interest rate hike next month, paring gains made earlier this week after US mid-term elections triggered a global equities rally.

Spreadbetters expected European stocks to follow Asia's lead and open lower, with Britain's FTSE losing 0.45 per cent, Germany's DAX slipping 0.3 per cent and France's CAC dipping 0.15 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.3 per cent and was headed for a loss of more than 1 per cent for the week. On Thursday, the index hit its highest level since October 8. Hong Kong's Hang Seng lost 2.4 per cent and the Shanghai Composite Index fell 1.2 per cent. Australian stocks slipped 0.1 per cent, South Korea's KOSPI edged down 0.05 per cent and Japan's Nikkei shed 1.05 per cent.

US stocks closed mostly lower on Thursday, as the Federal Reserve kept interest rates unchanged in a unanimous decision and signaled that it would continue to tighten monetary policy at a gradual pace. (UNI)