Sensex falls by 1.58% on weak global markets
The 30-share BSE Sensex ended lower by 139.49 points at 8,674.35 and the 50-share NSE Nifty closed 35.25 points down at 2,678.55 The BSE index ended 1.58% down as markets continued to trade weak after investor hopes of further rate cuts ended when the Prime Minister’s economic panel announced that Reserve Bank of India is to hold interest rates steady. Markets sentiment also remained negative under the influence of weak European and Asian markets. Day’s trade opened in red as investors worried about decline in quarterly profits of big companies like Ranbaxy Laboratories and Reliance Industries Ltd. Banking, metal, capital goods and realty stocks witnessed significant selling pressure with banking segment losing the most by 3.82%. The 30-share Bombay Stock Exchange Sensex ended lower by 139.49 points or 1.58% at 8,674.35 and the 50-share NSE Nifty closed 35.25 points down at 2,678.55.
Despite the first ever drop in Reliance’s quarterly sales in six years and first profit decline in three years, their stocks gained by 1.78% to Rs1,153.15. On the other Ranbaxy shares had opened weak after they reported a net loss of Rs680 crore but later picked up to make a slight gain of 0.75% to Rs187.50.
Mahindra and Mahindra was on top of the losers list of the BSE index, falling by 7.93% to Rs 264.70, followed by Tata Steel by 7.17% to Rs166.35, Jaiprakash Associates by 6.95% to Rs61.55, Reliance Communications Ltd by 4.50% to Rs160.15 and State Bank of India by 4.34% to Rs1,041.75.
Asian markets also traded in red as big tech companies like Samsung and Microsoft posted loss. Japan’s Nikkei lost 3.8% to mark its lowest close in two months after Sony reported loss of record $2.8 billion and Hong Kong’s stocks closed down by 0.6%.
Source : Live Mint
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Category: Stock-News
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