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Sensex dips below 16,000; global cues, SBI downgrade weigh

Tuesday October 04, 2011 05:33:24 PM, IANS

Mumbai: A benchmark index for Indian equities Tuesday pulled up from the day's lows but still closed 289 points lower with wide-spread selling seen amid negative global cues and a rating downgrade for the country's largest lender State Bank of India.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,081.77 points, closed at 15,864.86 points, down 286.59 points or 1.77 percent from its previous close at 16,151.45 points.

It had fallen 406 points or 2.51 percent to an intra-day low of 15,745.43 points.

Adding to the woes of the markets was a downgrade of India's largest lender, State Bank of India (SBI), by credit rating agency Moody's, over the bank's ability to manage capital in the likelihood of rising non-performing assets.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also ended in the red at 4,772.15 points, down 1.6 percent.

Broader markets were also subdued. The BSE midcap index was down 1.28 percent while the BSE small cap index ended 1.09 percent lower. The BSE 500 index closed 1.55 percent down.

According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors were net sellers to the tune of $158.3 million.

Major losers on the 30-scrip Sensex were: Coal India, down 4.98 percent at Rs.319.75; ICICI Bank, down 4.59 percent at Rs.800.70; Tata Motors, down 4.35 percent at Rs.147.25; SBI, down 4.08 percent at Rs.1,786.70; and RIL, down 2 percent at Rs.772.40.

Prominent gainers included: Maruti Suzuki, up 2.73 percent at Rs.1,106.55; L&T, up 1.42 percent at Rs.1,337; Wipro, up 1 percent at Rs.334.30; and Tata Steel, up 0.65 percent at Rs.397.25.

Global markets continued to be under selling pressure over fears of a possible debt default by Greece and the financial crisis spreading to other countries in the Euro zone.

Among Asian bourses, the Japanese Nikkei closed 1.05 percent lower at 8,456.12 points, while the Hong Kong's Hang Seng index was down a whopping 3.4 percent at 16,250.27 points.

The Chinese markets were closed on account of a holiday.

European markets too opened lower.

While Britain's FTSE was ruling 2.86 percent down at 4,930.42 points, the German DAX was trading 3.63 percent lower at 5,181.57 points.

The French CAC 40 was ruling 2.95 percent down at 2,840.5 points.






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