After rate hike, Sensex continues downtrend (Roundup)

July 27th, 2011 - 6:30 pm ICT by IANS  

Sensex Mumbai, July 27 (IANS) A benchmark index for Indian equities closed 86 points lower Wednesday, a day after the Reserve Bank of India hiked key interest rates.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 18,571.15 points and closed at 18,432.25 points, down 85.97 points or 0.46 percent from its previous close at 18,518.22 points.

The Sensex lost about 350 points on Tuesday following the RBI’s rate hike.

The 50-scrip S&P; CNX Nifty of the National Stock Exchange also ended lower at 5,546.8 points, down 0.5 percent or 28 points.

Interest rate sensitive stocks like banking, realty continued to be on the downtrend.

Broader markets too edged lower. The BSE midcap index, however, managed moderate gains.

Consumer durables and FMCG scrips were among the few sectors of the 13 listed on the BSE that closed in the green.

The market breadth was negative with 1,345 stocks advancing, 1,498 scrips declining and 140 remaining unchanged.

Among gainers on the 30-scrip Sensex: Maruti Suzuki, up 2.42 percent at Rs.1,206.45; Reliance Communications, up 1.58 percent at Rs.103.15; HDFC, up 1.33 percent at Rs.703.30 and Bharti Airtel, up 1.32 percent at Rs.429.75.

The losers on the benchmark were: BHEL, down 4.4 percent at Rs.1,824.90; Jaiprakash Associates, down 3.28 percent at Rs.72.35; Hindalco, down 2.67 percent at Rs.173.05, and Wipro, down 1.82 percent at Rs.402.10.

According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors sold stocks worth $9.55 million Wednesday.

Asian markets were mixed in the green as traders were nervous about the political impasse in the US over managing the country’s debt problems.

The Japanese Nikkei closed 0.5 percent lower at 10,047.19 points.

The Hang Seng of the Hong Kong stock exchange ended 0.13 percent down at 22,541.69 points, while the Chinese Shanghai composite index was trading 0.76 percent up at 2,723.49 points.

European bourses too were ruling lower.

Britain’s FTSE 100 was ruling 0.38 percent down at 5,907.24 points, and the French CAC 40 was ruling 0.81 percent lower at 3,757.02 points.

The German DAX was 0.45 percent lower at 7,316.48 points.

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