Sensex closes 108 points down, mid, small scrips lose heavily

August 16th, 2011 - 6:45 pm ICT by IANS  

Sensex Mumbai, Aug 16 (IANS) Late selling pressure Tuesday erased the day’s gains at Indian equities markets, with heavweights dragging a benchmark index down 108 points lower by close and mid to small sized scrips faring worse.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,015.99 points, closed at 16,730.94 points, down 108.69 points or 0.65 percent compared to its previous close at 17,130.51 points.

The 50-scrip S&P; CNX Nifty of the National Stock Exchange also ended 0.73 percent lower at 5,035.8 points.

Broader markets too fell sharply in late trade. The BSE midcap index closed 1.79 percent lower, while the BSE smallcap index ended 2.1 percent down.

The market breadth at the BSE was negative, with 849 stocks moving up, compared to 1,984 on the decline and 107 remaining unchanged.

According to data available with the Securities and Exchange Board of India, foreign institutional investors bought stocks worth $89.15 million Tuesday.

Among main gainers on the Sensex were: TCS, up 2.4 percent at Rs.974.05; BHEL, up 2.3 percent at Rs.1,767.70; Bharti Airtel, up 1.73 percent at Rs.396.05; and ITC, up 0.86 percent at Rs.200.

Main losers included: Jaiprakash Associates, down 7.83 percent at Rs.57.10; DLF, down 5.92 percent at Rs.189; Hindalco, down 4.31 percent at Rs.144.35; and HDFC, down 3.5 percent at Rs.646.55.

Other major Asian markets edged lower ahead of a key meeting between French and German leaders on chalking out measures to contain the sovereign debt crisis in Europe.

The Chinese Shanghai Composite index ended 0.86 percent lower at 2,604.21 points, while Hong Kong’s Hang Seng slipped 0.24 percent to close at 20,212.08 points.

The benchmark Japanese Nikkei closed 0.23 percent up at 9,107.43 points.

European stocks too fell sharply ahead of the meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel, with concerns that Germany may find it difficult to bail out debt-ridden countries in the wake of domestic pressure.

The two leaders are also expected to come up with some sort of a confidence building measure after the weeks of sell-off at stock exchanges following the downgrade of US sovereign debt.

The FTSE 100 of UK was ruling 1.31 percent lower at 5,280.51 points, while the German DAX was down 2.6 percent at 5,865.85 points.

The French CAC 40 was down 1.81 percent at 3,180.52 points.

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