Market cautious, sheds 23 points

The Sensex fell for a third straight day on Thursday, though only marginally, weighed down by losses in vehicle makers and refiners. The go...

The Sensex fell for a third straight day on Thursday, though only marginally, weighed down by losses in vehicle makers and refiners. The government’s common minimum programme, which was announced after market hours, offered few surprises and no support for the market.

The 30-share BSE sensitive index closed 0.46 pc lower at 5,058.55 points, shedding 23.4 points.

Trading was extremely light at 870 lakh shares, compared with Wednesday’s 1070 lakh, while the breadth was negative as losers outpaced losers by about two to one. The broader National Stock Exchange index fell 0.78 pc to 1,586.40

points. ‘‘Expiry of derivatives contracts pressured the market,’’ said Rajashekhar Hiremath, an equity dealer with Fortiss Securities.

Morning trading on the stock exchanges brought irregular movements on alternate bouts of buying and selling, in lieu of the last day of derivatives segment. Automobile stocks fell on concerns that an imminent increase in fuel prices could dent vehicle sales in the near term. Some traders also attributed the fall to anticipation of poor shipments for the current month. Refinery stocks dropped on worries that a delay in petroleum product price hikes would squeeze their margins.