Opening on a bullish note, the benchmark Sensex slipped to close in the red for the sixth day in a row.

The weak global market and expectation of increase in key bank rates pulled down the Sensex by 47 points to 20,612 on Tuesday.

The 30-stock benchmark index Sensex opened higher at 20,732 against the previous close of 20,660. It made an intra-day high of 20,784 and low of 20,595.

On the NSE, the Nifty was down 16 points at 6,139.

The turnover on the BSE was up Rs 2,286 crore against Rs 1,692 crore recorded on Monday. Foreign institutional investors made a net investment of Rs 160 crore on Monday, as per provisional data from the stock exchanges.

Gainers/losers

HDFC Bank on BSE extended its intra-day to close down three per cent to Rs 659 after the Reserve Bank of India on Monday banned further purchases of the bank's shares by foreign institutional investors after foreign share holding in the bank crossed the overall limit of 49 per cent of the bank's paid-up capital.

Bharti Airtel gained four per cent to Rs 328 on reports that the company is close to selling its operations in Sri Lanka to UAE-based telecom company Etisalat.

Mortgage lender HDFC dipped three per cent to Rs 777 as investors fear that any increase in bank rates will push up lending rates and depress demand for housing loans. Crompton Greaves rose 2 per cent to Rs 125, reversing its 8 per cent fall in last four days.

Concerns

Rakesh Goyal, Senior Vice President, Bonanza Portfolio said concerns over weak economy and probability of higher interest rates led to selling pressure in rate sensitive stocks such as HDFC Bank, HDFC, Reliance and ICICI Bank.

The bank index on BSE was down 167 points at 12,797.

Other major losers/gainers

The major losers for the day include HDFC Bank (-4%), Sobha Dev (-3%), IOB (-3%), Coal India (-3%), Allahabad Bank (-3%), Pipavav Defence (-3%), Reliance Cap (-3%), Syndicate Bank (-3%) and HDFC (-3%).

Gainers for the day were Financial Tech (11%), Wockhardt (11%), Indian Hotels (6%), Ranbaxy Lab (5%), Cummins India (5%), Bharti Airtel (4%), Mcleod Russel (4%), Torrent Power (4%), Divis Lab (4%), Tata Comm (3%), J&K Bank (3%) and Cipla (3%).

(This article was published on December 17, 2013)
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