Snapping four day gaining streak, the Indian benchmark indices ended tad lower on Thursday amid selling across power, banking, realty and metal stocks, undermining frim cues from fellow Asian peers. Even OPEC deal to cut oil output and robust GDP growth in July-September quarter failed to lift market sentiments.
The 30-share benchmark index closed trade at 26559.92, down by 92.89 points or by 0.35 per cent, and the NSE Nifty ended at 8192.9, down by 31.6 points or by 0.38 per cent.
In the day’s trade, the BSE Sensex touched intraday high of 26769.32 and intraday low of 26540.82, while the NSE Nifty touched intraday high of 8250.8 and intraday low of 8185.05.
In a major boost to energy companies, the Organization of the Petroleum Exporting Countries (OPEC) in a historic move agreed to its first production cut in eight years in order to boost the price of oil. Mohammed Bin Saleh Al-Sada, OPEC’s president, said a cut of 1.2 million barrels a day would start from January, while non-Opec countries will be expected to reduce production by 600,000 barrels a day.
In line with benchmark indices, the broader market also ended lower with the BSE MIDCAP closing at 12355.03, down by 143.59 points or by 1.15 per cent, while the BSE SMLCAP ended at 12250.42, down by 79.23 points or by 0.64 per cent.
The top losers of the BSE Sensex pack were Power Grid Corporation of India Ltd. (Rs. 184.40,-3.96%), Asian Paints Ltd. (Rs. 939.05,-3.18%), Tata Motors Ltd. (Rs. 448.15,-2.44%), Mahindra & Mahindra Ltd. (Rs. 1159.95,-2.19%), ICICI Bank Ltd. (Rs. 259.35,-2.13%), among others.
On the flip side, GAIL (India) Ltd. (Rs. 437.00,+2.87%), Sun Pharmaceutical Industries Ltd. (Rs. 721.80,+1.62%), Hero MotoCorp Ltd. (Rs. 3215.00,+1.45%), Dr. Reddy’s Laboratories Ltd. (Rs. 3240.00,+1.29%), Oil And Natural Gas Corporation Ltd. (Rs. 292.20,+1.11%), were among top gainers on BSE.
On the sectoral front, metal and power stocks emerged as top losers, falling as much as 1.69 per cent and 1.57 per cent respectively.
The market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2957, shares advanced were 1199 while 1614 shares declined and 144 were unchanged.