Sensex breaks 7-day losing trend; Bharti Airtel plunges 5.64%

Snapping seven-session losing streak, the benchmark BSE Sensex today settled at 27,458.64, up by a mere 1 point, in a highly volatile trade amid prevailing geo-political tension.
The 30-share Sensex opened 190 points higher and shot up further to 27,694.41 as start of new April series in the derivatives segment attracted buying in select stocks.
With profit-booking emerging soon, markets witnessed high volatility. Finally, the key index settled at 27,458.64, a mere gain of 1.06 point from its previous close.
The NSE Nifty, however, closed lower by 0.75 points at 8,341.40.
In last seven sessions, the Sensex had tumbled by 1,278.80 points or 4.45 per cent. On weekly basis, it has plunged by 802.44 points or 2.84 per cent.

This is the third consecutive weekly loss for both the indices.

"Going ahead, there is no immediate trigger on the domestic front and hence markets may continue to be dictated by global factors. Quarterly results are also expected to be subdued. Further action on the fiscal or monetary front, if any, can give some upside to the market," said Dipen Shah, Head of Private Client Group Research, Kotak Securities.
Bharti Airtel shares were battered as investors were concerned that the company will have to shell out a large amount for spectrum, brokers said. Bharti Airtel ended the day by a steep 5.64 per cent lower.

Other big Sensex losers included Wipro (3.45 pct), RIL (2.27 pct), M&M (1.72 pct), ITC (1.72 pct) and Sun Pharma (1.70 pct)
Hindalco rose by 2.97 pct, Infosys 2.68 pct, SBI 2.59 pct, Larsen 2.50 pct, Icici Bank 2.23 pct, Tata Motor 1.82 pct, Maruti 1.29 pct and NTPC 1.29 pct.
"Among day's major market moving events, the government reduced prices of domestic natural gas for the first time. The rates were cut to USD 4.56 per unit, down by 9 per cent from USD 5.05 per mbtu fixed in October last year," said Hiren Dhakan,Associate Fund Manager, Bonanza Portfolio.