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Published: Fri, May 05, 2017
Economy | By Melissa Porter

Sensex slips below 30000, down 133 points in early trade

Sensex slips below 30000, down 133 points in early trade

Banking stocks were seen carrying forward the positive sentiment arising out of the government's decision to bring an ordinance to give greater powers to the Reserve Bank to tackle mounting bad loans.

Metal stocks were also in the limelight as the Cabinet, on Wednesday, chose to give "preference to domestically manufactured iron and steel products" under its infrastructure policy. It shuttled between 9,365.65 and 9,323.25 during the session.

The benchmark 50-share Nifty surged to a new high on Thursday on investor sentiment after the Centre announced fresh policy initiatives especially in banking and metal sectors. It had closed at 9,351.85 points on April 26.

"Anupam Singhi, COO of William O'Neil India said", ICICI Bank's positive result and the government's move on National Steel Policy 2017 and Banking Regulation Act lifted investor spirits".

Anand James, Chief Market Strategist of Geojit Financial Services, said: "FOMC's (Federal Open Market Committee) status quo ensured that markets were not much ruffled while oil's slippage helped EM equities to be firm".

Bank Nifty soared to close at an all-time high of 22,720.10 after touching an intra-day record peak of 22,743.70, with Canara Bank, SBI, Axis Bank, Bank of Baroda, Punjab National Bank, IDFC Bank and Federal Bank rising by up to 6.47 per cent.

In investments, provisional data with the exchanges showed that FIIs sold stocks worth Rs 601.12 crore while domestic institutional investors (DIIs) purchased scrip worth Rs 926.10 crore.

The US Dow Jones Industrial Average ended 0.04 per cent higher in yesterday's trade. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 30,020.59 points and a low of 29,846.57 points.

On the other hand, Coal India (1.23%), Asian Paints (1.01%), Reliance Industries (0.40%), ICICI Bank (0.29%), State Bank Of India (0.22%), and Dr Reddy'S Laboratories (0.19%) were the major gainers in the Sensex.

In Europe, London's FTSE slipped 0.20 percent, Frankfurt's DAX 30 eased 0.15 percent and Paris CAC 40 dipped 0.30 percent.

In terms of the broader markets, the S&P BSE mid-cap index closed down by 0.30 per cent, while the small-cap index inched up by 0.07 per cent.

The BSE market breadth was evenly balanced though narrowly in favour of the bulls - with 1,430 advances and 1,428 declines.

Major Sensex losers were: Lupin, down 3.09 per cent at Rs 1,264.20; HDFC, down 1.37 per cent at Rs 1,561.20; ICICI Bank, down 1.16 per cent at Rs 272.75; Tata Motors, down 1.11 per cent at Rs 446.65; and Tata Steel, down 1.03 per cent at Rs 440.65.

The total turnover on BSE rose to Rs 4,462.32 crore from Rs 4,235.86 crore yesterday.

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