Sensex Gives Up 113 Points On Profit Taking

October 5, 2016 – Indian shares succumbed to some profit taking today, as fears of Brexit fallout, Fed rate uncertainty and fresh worries over possible monetary tightening by the European Central Bank kept investors’ appetite in check.

Rupee weakness amid dollar strength in overseas markets and somewhat disappointing service sector data also weighed on markets.

India’s private sector growth eased in September, as both services activity and manufacturing production expanded at slower rates, survey figures from IHS Markit showed today.

The benchmark S&P BSE Sensex ended down 113.57 points or 0.40 percent at 28,220.98 after three consecutive sessions of gains.

The broader CNX Nifty dropped 25.20 points or 0.29 percent to 8,743.95, while the BSE mid-cap and small-cap indexes closed up around half a percent each.

While Bajaj Auto, Mahindra & Mahindra, Idea Cellular, Axis Bank and ONGC lost 1-2 percent, UltraTech Cement, BPCL and Tata Motor DVR gained about 2 percent each.

ABG Shipyard soared almost 8 percent after ICICI Bank acquired an 11.08 percent stake in the company pursuant to the conversion of compulsory convertible preference shares.Alembic pharmaceuticals rallied 2.5 percent after its formulation facility located at Panelav in Gujarat received the Establishment Inspection Report from the U.S. Food and Drug Administration.

Sunflag Iron & Steel and Monnet Ispat & Energy jumped around 7 percent each after the government extended the Minimum Import Price (MIP) regime on 66 steel items for a further period of two months.

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