Sensex snaps 4-day winning spree as investors lock in gains

Sensex snaps 4-day winning spree as investors lock in gains

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Sensex snaps 4-day winning spree as investors lock in gains

Mumbai, Dec 1 (PTI) After four days of gains, markets
succumbed to profit-booking today, with benchmark Sensex
slipping 93 points to finish at 26,559, pressured by sustained
foreign capital outflows amid mixed macro indicators.
Sentiment soured after November manufacturing PMI
decelerated sharply as cash crunch slowed domestic
consumption, production of goods and new orders.
The Sensex resumed higher at 26,756.66 and firmed up to
26,769.32 on initial buying. However, it later fell to
26,540.82 before ending at 26,559.92, showing a loss of 92.89
points or 0.35 per cent.
The Sensex had gained 792.64 points, or 3.07 per cent, in
previous four sessions.
The 50-share Nifty index fell 31.60 points, or 0.38 per
cent, to 8,192.90 after shuttling between 8,250.80 and
8,185.05.
“After oil’s surge prompted a higher opening, traders
chose to lock in gains after markets had been on a consistent
run since Friday. Data release showing deceleration of PMI in
November further depressed recovery expectations,” said Anand
James, Chief Market Strategist, Geojit BNP Paribas Financial
Services.
Bullish US employment data has improved chances of
December US rate hike, which could further accelerate FII
exodus, he added.
The market was initially buoyed by strong GDP numbers,
released after trading hours yesterday, showing Indian economy
accelerating 7.3 per cent in the September quarter.
However, the momentum was broken after the Nikkei India
Services Purchasing Managers’ Index (PMI) — a gauge of
manufacturing performance — fell to 52.3 in November, down
from a 22-month high of 54.4 in October.
Metal, power, utilities, banking, realty and telecom
counters were the major losers today, while healthcare and
FMCG shares gained.
Meanwhile, foreign portfolio investors continued their
selling spree and sold shares worth a net Rs 434.42 crore
yesterday, as per provisional data released by the stock
exchanges.
A firming trend was seen at other Asian markets following
an OPEC deal to cut oil output for the first time in eight
years, which sent crude prices soaring almost 10 per cent.
Globally, US oil prices climbed USD 4.21 to USD 49.44 a
barrel in yesterday’s trade.
Key indices such as Japan’s Nikkei gained 1.12 per cent,
while Shanghai Composite Index rose 0.43 per cent and Hong
Kong’s Hang Seng spurted 0.39 per cent.
European shares rose as well, with Paris CAC 30 rising
0.59 per cent, Frankfurt’s DAX up 0.19 per cent but London’s
FTSE was slightly lower in early deals. (MORE) PTI RSU RD SUN
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