Sensex closes 244 points down, manages 1.8 percent in weekly gains

September 30th, 2011 - 6:29 pm ICT by IANS  

Sensex Mumbai, Sep 30 (IANS) Traders chose to book profits after a recent rally, pushing a benchmark index for Indian equities 244 points lower Friday. The wide-spread selling saw metal, realty and banking losing out more than others.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) Thursday opened at 16,599.74 points and closed at 16,453.76 points, down 244.31 points or 1.46 percent from its previous close at 16,698.07 points.

The 50-scrip S&P; CNX Nifty of the National Stock Exchange also ended lower, 1.44 percent down at 4,943.25 points.

Both benchmark indices, however, managed to gain during the week. The Sensex closed 1.8 percent higher compared to last Friday’s close, while the Nifty ended 1.55 percent up.

Broader markets Friday also ended among losses with the BSE 100 index closing 1.39 percent lower. The BSE midcap index closed 0.58 percent down and the small cap index ended 0.88 percent lower.

The market breadth at the BSE was negative with 1,716 stocks on the decline, compared to 1,019 advancing and 134 remaining unchanged.

There was only one gainer on the 30-scrip Sensex: Bharti Airtel, up 0.44 percent at Rs.378.10. Reliance Industries closed on a flat note at Rs.808.30, nudging up 0.02 percent.

Prominent losers on the benchmark included Coal India, down 5.15 percent at Rs.332.75; Tata Steel, down 3.99 percent at Rs.415.25; Hero MotoCorp, down 3.01 percent at Rs.1,941.85; and DLF, down 2.21 percent at Rs.218.65.

Asian markets edged lower as traders booked profits amid continuing concerns over the state of the global economy.

The Japanese Nikkei closed flat at 8,700.29 points, while the Chinese Shanghai Composite index ended 0.26 percent down at 2,359.22 points.

Hong Kong’s market closed 2.32 percent lower at 17,592.41 points.

European markets were trading lower as investors remained sceptical about the efficacy of the expanded European Financial Stability facility — a fund created to help bail out debt-ridden countries in the Euro zone.

While Britain’s FTSE was ruling 1.79 percent down at 5,103.88 points, the German DAX was trading 2.98 percent lower at 5,471.35 points.

The French CAC 40 was ruling 2.28 percent lower at 2,958.67 points.

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