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Global cues, dismal industrial output, pull down Sensex

Monday September 12, 2011 05:49:40 PM, IANS

Mumbai: A benchmark index for the Indian equities markets Monday pared some of its intra-day losses and closed 363 points lower, pulled down by negative global cues and a slowdown in domestic industrial output.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,668.25 points, closed at 16,501.74 points, down 365.23 points or 2.17 percent from its previous close at 16,866.97 points.

The Sensex had slipped more than 473 points to an intra-day low of 16,393.04 points.

Dampened by a sharp fall in capital goods production, India's factory output grew at a sluggish 3.3 percent in July compared to a year earlier, much slower than expectations and sharply below the 8.8 percent growth registered in the previous month.

The 50-scrip S&P CNX Nifty of the National Stock Exchange too ended 2.23 percent down at 4,946.8 points.

Broader markets too ended in the red. The BSE midcap index closed 1.84 percent down, while the BSE small cap index ended 1.86 percent lower. The BSE 100 slipped 2.19 percent.

"After having lost heavily on Friday, Indian markets started the week with a significant cut as the Sensex reacted to the weak US and Asian markets. The situation in Europe continues to remain precarious," said Sanjeev Zarbade, vice president with Kotak Securities.

"The disappointing factory output data further added to the selling pressure," added Zarbade.

The market breadth was negative with 875 stocks advancing, compared to 1,929 on the decline and 103 remaining unchanged.

According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors sold stocks worth $47.38 million Monday.

All 13 sectoral indices on the BSE were in the red. Consumer durables, metals, IT and realty scrips were among the biggest losers at this time.

Prominent losers on the Sensex were ICICI Bank, down 3.87 percent at Rs.861.75; SBI, down 4.39 percent at Rs.1,869.15; Bharti Airtel, down 3.58 percent at Rs.386; and RIL, down 2.33 percent at Rs.805.85.

Major gainers included: Hindustan Unilever, up 3.8 percent at Rs.345.90; Cipla, up 1.41 percent at Rs.290.65; and Sun Pharma, up 1.24 percent at Rs.489.

Global markets were witnessing a sell-off over concerns of another debt default by Greece.

Asian markets fell sharply with Japan's Nikkei closing 2.31 percent lower at 8,535.67 points and Hong Kong's Hang Seng index ending 4.21 percent down at 19,030.54 points.

Chinese markets were closed on account of a holiday.

European bourses too fell sharply as traders priced in the likelihood of a debt default by Greece.

Britain's FTSE 100 was trading 2.42 percent down at 5,088.25 points, while the German DAX was ruling 3.39 percent lower at 5,014.05 points.

The French CAC 40 was also down 4.77 percent at Rs.2,832.74 points.

 



 


 

 

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