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Sensex falls on profit-taking Adani group stocks hit

Source : BUSINESS_STANDARD
Last Updated: Fri, Dec 21, 2012 01:56 hrs

The BSE Sensex fell on Thursday on profit-taking, led by declines in auto stocks such as Tata Motors, while Adani group stocks were also hit after gaining recently on expectations Narendra Modi would win a fourth successive term as chief minister of Gujarat.

Narendra Modi looked set to win a fourth successive term as the chief minister of Gujarat, a victory that could launch the prime ministerial ambitions of one of the country's most popular but controversial leaders.

With parliament’s winter session ending on Thursday, the rally’s extension would not depend on how well RBI manages slowing growth and sticky inflation.

“The credit policy is something we are looking forward and then the Budget session will keep markets busy,” said Vaibhav Sanghavi, director at Ambit Capital.

In the medium term, the outlook is bullish and the coming two years will be good for equities, he added.

The BSE Sensex fell 0.11 per cent, or 22.08 points, to end at 19,453.92, after marking its near two-week closing high on Wednesday.

The Nifty fell 0.22 per cent, or 13.20 points, to end at 5,916.40, although closing above the psychologically important 5,900 level.

Tata Motors fell on profit-taking after rising 7.9 per cent in the previous five sessions after stronger-than-expected November sales at Jaguar Land Rover reduced concerns about the outlook for the key unit of the Indian auto maker.

Capital goods stocks such as Larsen & Toubro fell on worries of a slowdown in order bookings, dealers said.

Adani Group stocks fell on profit-taking after gaining recently on expectations Narendra Modi would win.

Adani Enterprises Ltd fell 7.1 per cent ahead of its planned sale of 23 million shares tomorrow. Adani Ports and Special Economic Zone Ltd ended 3.6 per cent lower, after rising 11.6 per cent in December as of Wednesday’s close, while Adani Power Ltd shares fell five per cent after gaining 29.2 per cent this month.



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