Sensex sheds 97 points as RIL, TCS lose ground

Mumbai: In a lacklustre trade, the stock market on Tuesday suffered mild losses with a 97-point decline in its barometer Sensex, as blue-chips like Reliance Industries, TCS, SBI and Tata Motors turned weak. The 30-share benchmark index settled at 15,873.95 points, down 96.8 points or 0.6 per cent, after moving in a narrow range for most of the trading session.

Experts said that the trading was lacklustre in the absence of any major global cues, as many world markets are closed and the trend was also negative in a few Asian markets like Japan, South Korea, China and Taiwan. The investors were also seen refraining from taking fresh positions in the market on growth concerns and ahead of the monthly expiry in derivatives segment later this week.

Sentiments were also hit because of a weak trend in the Asian region and concerns that foreign funds might pull out money ahead of the re-opening of US markets after a long Christmas break next week, traders said. "Profit booking was seen across the board in the market today. Christmas holiday kept the market range bound due to lower institutional activities," Parag Doctor of Motilal Oswal Securities said.

"Most of the global markets are closed due to the year end festivities and hence, the cues for the domestic bourses are limited," Shanu Goel of Bonanza Portfolio said.

"Cautious approach is recommended since volatility is expected to remain high during the current weak as December derivative series comes to an end on December 29," Goel noted. The National Stock Exchange`s 50-share index, Nifty also lost 28.50 points, or 0.60 per cent, to close at 4,750.50 points.