Home ECONOMY Sensex closes 491 points down, capital goods stocks plunge

Sensex closes 491 points down, capital goods stocks plunge

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Mumbai, Feb 9:

A benchmark index of the Indian equities markets closed Monday’s trade down 491 points or 1.71 percent on the back of weak global cues that subdued investor sentiment.

sensex-downGlobal cues such as weak Chinese trade numbers, political uncertainty in Greece and of rate hike concerns by the US central bank impacted investor sentiment.

All sector-based indices of the Bombay Stock Exchange (BSE) ended in the red. Interest-sensitive stocks like capital goods, banks and automobile came under heavy selling pressure.

Selling pressure was also observed in metal, consumer durables, oil and gas and fast moving consumer goods (FMCG) scrips.

The 30-scrip Sensitive Index (Sensex) of the S&P BSE, which opened at 28,566.50 points, closed at 28,227.39 points, down 490.52 points or 1.71 percent from the previous day’s close at 28,717.91 points.

The Sensex touched a high of 28,566.50 points and a low of 28,183.32 points in the intra-day trade.

“Third quarter results continues to shock the market, though at the start of the result month expectations were lower say only four-five Sensex earnings growth, but actually they are much lower than consensus,” said Vinod Nair, head-fundamental research, Geojit BNP Paribas Financial Services.

“The latest development in Delhi should have provided added factor to the consolidation but considerable factors to the fall are no rate cut in the near-term, poor results and concern in Euro.”

The S&P BSE capital goods index plunged 720.24 points, followed by bank index which went down by 442.81 points and automobile index fell by 431.54 points.

Metal index decreased by 257.84 points, consumer durables index declined by 130.70 points, oil and gas index fell by 101.59 points and FMCG index was lower by 98.63 points.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) also closed the day’s trade in the red. It was down 134.70 points or 1.56 percent at 8,526.35 points.

The major Sensex gainers were DrReddy’s Lab, up 2.01 percent at Rs.3,109; ONGC, up 1.51 percent at Rs.356.25; Bajaj Auto, up 1.40 percent at Rs.2,259.50; Sun Pharma, up 1.37 percent at Rs.941.35; and Infosys, up 1.11 percent at Rs.2,254.

The losers were L&T, down 6.61 percent at Rs.1,573; Tata Steel, down 5.79 percent at Rs.347.90; Sesa Sterlite, down 4.65 percent at Rs.200.80; Gail, down 4.52 percent at Rs.400.95; and Cipla, down 3.90 percent at Rs.629.65. IANS

 

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