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Sensex shrugs off FDI win in Rajya Sabha, ends 63 points down

Source : PTI
Last Updated: Sat, Dec 08, 2012 04:52 hrs
People walk pass BSE building in Mumbai

The BSE benchmark Sensex on Friday closed with a 63-point loss even as economic reforms got a shot in the arm with the UPA government winning the FDI vote in Rajya Sabha as well.

The Sensex ended the day 62.70 points, or 0.32 per cent, lower at 19,424.10 led by realty and IT stocks. The key index had gained 182 points in last three sessions on hopes that government will secure Parliamentary approval for opening retail trade to foreign investors.

"The markets, which had touched 20-month highs, were already discounting the government's victory in Rajya Sabha," said Dipen Shah, Head Private Client Group Research, Kotak Securities.

In 30-share index components, 19 stocks declined, including RIL, Infosys, HDFC, TCS and ICICI Bank.

The NSE 50-issue S&P CNX Nifty fell back by 23.50 points or 0.40 per cent at 5,907.40.

At the closing stages of trading, the government won the approval of Parliament to its controversial decision of allowing FDI in multi-brand retail with a motion against it being defeated convincingly in Rajya Sabha.

The government had already won the vote on FDI in Lok Sabha on December 5.

Brokers said the benchmark indices were also weighed down by IT stocks as the sector continued to be under pressure on growth worries.

Auto counters, however, attracted good buying support after Maruti Suzuki rose to one-year high after the company said it will hike the prices of vehicles across all models by up to Rs 20,000 from January.

On a weekly basis, Indian stock markets extended gains for third straight week.

The only concern for the markets comes from currency perspective as USD-Rupee pair has not violated the support of 54 levels despite positive news flow, said Amar Ambani, Head of Research, IIFL. (MORE)




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