Higher industrial output no help, Sensex down 173 points (Roundup)

June 12th, 2009 - 7:13 pm ICT by IANS  

Sensex Mumbai, June 12 (IANS) Indian equities markets discounted the increase in industrial output with a key index, losing more than 173 points Friday as the bourses went into correction mode.
Notwithstanding the industrial output, which grew 1.4 percent in April compared to a decline of 0.75 percent in March, the benchmark index of the Bombay Stock Exchange (BSE), Sensex, slipped 173.53 points or 1.13 percent from Thursday’s close to end at 15,237.94 points.

The Sensex had fallen to an intra-day low of 15,174.28 points and touched a high of 15,600.3 points.

Like the Sensex, the S&P CNX Nifty of the National Stock Exchange (NSE) too closed in the red, shedding 1.17 percent to close at 4,583.4 points.

The broader market indices also ended in the negative terrain, with the BSE midcap index ending 2.1 percent lower, while the BSE smallcap index was 2.21 percent down.

Of the 13 sectoral indices on the BSE, only those for metal and energy stocks gained, while all other sectoral indices came under selling pressure. Realty, auto and technology scrips saw more selling than others.

There were only four gainers on the 30-scrip composite Sensex: Reliance, up 2.48 percent at Rs.2,356.80; Sterlite, up 2.26 percent at Rs.718.10; ONGC, up 0.8 percent at Rs.1,126.80, and Tata Steel, up 0.78 percent at Rs.455.80.

Of the losers, Ranbaxy was down 6.03 percent at Rs.282.30; DLF down 5.8 percent at Rs.368.50; Reliance Communications, down 4.38 percent at Rs.331.80, and M&M, down 3.92 percent at Rs.783.30.

Trading volume was higher at Rs.107,004.36 crore as against Rs.94,928.21 crore Thursday.

This comprised Rs.23,680.56 crore from the NSE cash segment and Rs.75,452.41 crore from the NSE Futures and Options segment. The BSE cash segment saw Rs.7,871.39 crore worth of shares change hands.

Profit booking also tilted the balance of advances to declines in favour of the latter. Of the total stocks traded on the BSE, 706 advanced, 2,020 declined and 48 remained unchanged.

Data with the market watchdog Securities and Exchange Board of India (SEBI) showed that foreign funds bought shares worth $209.4 million Friday.

Other Asian markets closed in the positive Friday after having taken a minor hit the previous day. A key index of Tokyo markets, the Nikkei, rose 154.49 points to end trade at 10,135.82 points.

The Hang Seng, the primary index of the Hong Kong Stock Exchange, managed to stay in the green, rising 98.65 points to 18,889.68 points.

Markets across Europe remained uncertain and largely flat, with the FTSE in Britain trading 17.32 points lower at 4,444.55 points, and its French peer CAC 40 ruling 3.81 points down at 3,331.13 points.

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