Thaindian News

Mumbai, Oct 18 (IANS) A benchmark index for Indian equities Tuesday closed 276 points down, dragged mainly by a steep fall in software exporter TCS. Negative global cues too dampened investor sentiments.

The 30-scrip sensitive index (Sensex) of the BSE, which opened at 16,817.38 points, closed at 16,748.29 points, down 276.8 points or 1.63 percent from its previous close at 17,025.09 points.

It had fallen to a low of 16,669.04 points.

The 50-scrip S&P; CNX Nifty of the National Stock Exchange also closed lower, 1.58 percent or 80.75 points down at 5,037.5 points.

Broader markets were also in the red with the BSE 500 index closing 1.44 percent down.

The BSE midcap index shed 1.21 percent, while the BSE small cap index closed 0.99 percent lower.

The market breadth at the BSE was negative, with 1,814 stocks declining, 951 advancing and 110 unchanged.

According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors were net buyers to the tune of $81.3 million.

Coal India was the only major gainer on the Sensex, ending the day 2.71 percent up at Rs.330.10. HDFC Bank rose 0.46 percent to close at Rs.480.05, while Tata Power nudged up 0.15 percent to end at Rs.100.

The biggest loser on the benchmark was TCS, which closed 7.71 percent down at Rs.1,033.50. The fall was the steepest in over two years.

Other major losers included Tata Motors, which ended 3.64 percent down at Rs.181.15; Wipro, down 2.94 percent at Rs.346.30 and DLF, down 2.63 percent at Rs.229.65.

Asian markets tumbled Tuesday after rating agency Moody’s warned that it may lower France’s credit rating. Investors also reacted negatively to the release of Chinese economic data which showed third-quarter gross domestic product of the country had increased at a slower rate of 9.1 percent.

The Japanese Nikkei Tuesday closed 1.55 percent lower at 8,741.91 points, while Hong Kong’s Hang Seng ended 4.23 percent down at 18,076.46 points.

The Chinese Shanghai composite index closed 2.33 percent lower at 2,383.49 points.

European bourses slipped as fears spread that a combined bailout fund being put together by various European countries would not be enough to contain the financial crisis faced by many economies in the zone.

Around mid-day, Britain’s FTSE was trading 1.43 percent lower at 5,358.98 points, while the French CAC 40 was ruling 2.05 percent down at 3,101.04 points.

The German DAX was ruling 0.73 percent down at 5,816.64 points.