Volatility ruled the trading session as December derivative series stands to expire after a day. Markets had a soft start on unfavorable global cues. Nifty opened around yesterday closing and slipped downwards after the initial tick. Initial losses were seen in interest rate sensitive`s-banking counters. Surging international Crude prices led to weakening sentiments for aviation stocks and PSU oil marketing companies. Index heavyweight Reliance too drifted downwards as sentiments turned jittery ahead of the Derivative series expiry day. Nifty continued to drift downwards as the session progressed. The level of 4,700 was easily breeched as Nifty touched intraday low of 4,685.65 during the afternoon session. Some recovery was witnessed during the second half of the trading session as Nifty pared some of its day`s losses and inched upwards. However profit booking during the fag end of the trading session led Nifty downwards to end the day with over 1% losses.
Banking and metal stocks led the decline today. Oil Marketing companies like BPCL, HPCL and IOC closed down with more than 2% losses as crude prices continued to rise in the international markets. CNXIT sector outperformed the broader market indices.
At the close, the benchmark 30-share index, BSE Sensex declined 146.10 points or 0.92% at 15,727.85 with 18 components posting drop. Meanwhile, the broad based NSE Nifty fell by 44.70 points or 0.94% at 4,705.80 with 38 components posting drop.
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