Stocks snap 8-session rise ahead of GDP data

The benchmark BSE Sensex ended its eight-session gaining streak on Tuesday as investors turned cautious ahead of the release of the September quarter GDP (gross domestic product) data. The caution was partly because of the upcoming expiry of the derivatives contracts slated as on Thursday. National output numbers are also due the same day.

Counters such as consumer durables, pharma, oil & gas and PSU stocks took the blows as investors pulled money off the table.

After opening a shade higher, the 30-share Sensex slipped into the red, but regained its composure and settled lower by 105.85 points, or 0.31 per cent, at 33,618.59.

The index had risen 964 points in the past eight sessions, spurred by unabated buying by domestic institutional investors (DIIs) and Moody’s India sovereign rating upgrade. The 50-share Nifty, too, dropped 29.30 points, or 0.28 per cent, at 10,370.25. During the day, it traded between 10,355.20 and 10,409.55.

“Investors were a little conservative ahead of the Q2 GDP data and F&O (futures and options) expiry slated as on Thursday. PSU banks underperformed due to profit-booking after the recapitalisation-led rally,” said Vinod Nair, head of research at Geojit Financial Services.

Power major NTPC fell the sharpest, plunging 1.88 per cent, followed by Bharti Airtel.  But Maruti Suzuki, HDFC, Coal India and Asian Paints stayed in the green and absorbed the overall fall to an extent.

Foreign portfolio investors bought shares worth a net Rs 12 crore on Tuesday, according to provisional data. DIIs sold equities worth a net Rs 428 crore.