Business, Featured

Sensex ends in red after choppy trade; IT, pharma stocks top losers

Mumbai, Nov 1 (PTI) The BSE Sensex erased all gains in a highly volatile session Thursday to end 10 points lower as losses in shares of software exporters and pharmaceutical companies offset gains in capital goods, banking and auto counters, amid unabated foreign fund outflows.

The benchmark indices swung between gains and losses, with Sensex gyrating over 376 points both ways on alternate bouts of buying and selling.

The 30-share index opened higher at 34,650.63 points and advanced to 34,679.93 points amid sustained buying by domestic institutional investors (DIIs), better-than-expected corporate earnings and positive global cues.

It, subsequently, slipped into the negative zone to hit a low of 34,303.38 points as participants began booking profits and finally settled 10.08 points, or 0.03 per cent, lower at 34,431.97.

The gauge had climbed 550.92 points Wednesday.

Similarly, the NSE Nifty after shuttling between 10,441.90 and 10,341.90, ended 6.15 points, or 0.06 per cent down at 10,380.45.

Market commenced the session on a strong footing on easing concerns around the rift between the government and RBI.

However, emergence of profit-booking at every rise reversed early gains.

Selling was more pronounced in information technology and pharmaceutical sector stocks amid recovery in the rupee.

Market was range bound despite a fall in oil prices and strengthening rupee as investors remain focused on quarter earnings, analysts said.

The rupee firmed as much as 35 paise at 73.60 against the dollar (intra-day) at the forex market.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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