Mumbai: After stunning performance of the market on Friday, investors opted for profit booking Monday. The 30-share BSE Sensex fell 79.49 points to close at 18,673.34, which rallied over 400 points on Friday after Mulayam Singh Yadav-led Samajwadi Party decided to support the Congress-led UPA government.
Meanwhile, the 50-share NSE Nifty slipped 21.55 points to 5,669.60, weighed down by oil & gas and FMCG stocks.
Overall the market was volatile and the volume has been increasing ahead of F&O expiry on Thursday.
After the exit of Trinamool Congress, the UPA looked confident to come out with more measures to give a boost to the sluggish economic growth. Cabinet committee on economic affairs will be meeting today evening.
Sources say the cabinet members may consider bailout package for state electricity boards (SEBs) that will be beneficial for all companies related to SEBs, hike in sugar rationing, infrastructure projects etc.
Power projects financiers like Rural Electrification Corporation, PTC India and Power Finance Corporation gained 2-5 per cent on hopes of debt restructuring package for SEBs. These stocks rallied over 25 per cent in last 15 sessions.
Bajaj Hindusthan, Shree Renuka Sugars and Balrampur Chini rose 2-3 per cent ahead of the cabinet meeting. Sakthi Sugars shot up 10 per cent.
FMCG majors ITC and HUL dropped over 2 per cent while oil & gas producers Reliance Industries and ONGC went down 1.6-2 per cent.
Housing finance company HDFC tanked 2.5 per cent and country's largest lender State Bank of India slipped 0.7 per cent. Private sector lenders HDFC Bank and ICICI Bank were up 1.5 per cent and 0.5 per cent, respectively.
Software services exporter TCS fell over 1 per cent while commercial vehicle maker Tata Motors lost 0.7 per cent.
Utility vehicle maker Mahindra & Mahindra and top car maker Maruti rallied 3-3.6 per cent.
State-run power equipment manufacturer BHEL topped the buying list, rising 6.4 per cent ahead of SEB restructuring plan.
Shares of Jindal Steel surged over 4 per cent. Among pharma stocks, Sun Pharma and Dr Reddy’s Labs gained 1.3 per cent whereas Cipla lost 1.5 per cent.
In the second line shares, Reliance Mediaworks shot up 13 per cent after the company has submitted bid to buy Digital Domain & Mothership and divested entire stake in Malaysia exhibition circuit.
Shares of Goa Carbon shot up 20 per cent and NDTV jumped nearly 19 per cent.
United Spirits rose 6 per cent on likely deal with Diageo for stake sale in the company.
The broader markets outperformed benchmarks; the BSE Midcap Index was up 0.33 per cent and Smallcap gained 0.85 per cent.
On the global front, European markets were down as investors shifted their focus from central banks stimulus package to weak economic fundamentals and ongoing debt crisis. FTSE, CAC and DAX fell 0.6-1.6 per cent.
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