Sensex closes lower for fifth straight day

November 16th, 2011 - 7:29 pm ICT by IANS  

Sensex Mumbai, Nov 16 (IANS) A benchmark index for Indian equities markets Wednesday managed to pare some of its losses amid volatile trade and closed in the red for the fifth straight session.

The European debt crisis and concerns about some of the Euro zone economies like Italy and Greece being able to pay off their massive debts has dampened investor sentiments for some time now. A dull domestic corporate earnings season has not helped either.

The 30-scrip sensitive index (Sensex) of the BSE, which opened lower at 16,872.3 points, closed at 16,775.87 points, down 106.8 points or 0.63 percent from its previous close at 16,882.67 points.

The Sensex had fallen over 241 points to an intra-day low of 16,641.65 points.

The 50-scrip S&P; CNX Nifty of the National Stock Exchange also followed a similar trajectory to close at 5,030.45 points, down 38.05 points or 0.75 percent.

Broader markets also ended in losses, with the BSE 500 index slipping 0.77 percent. The BSE midcap index closed 0.94 percent lower while the BSE smallcap index fell 1.34 percent.

The market breadth at the BSE was negative with 899 stocks advancing and 1,937 scrips declining, while 106 remained unchanged.

According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors were net sellers Wednesday to the tune of $74.59 million.

Gainers on the Sensex included: Jindal Steel, up 3.03 percent at Rs.551.45; SBI, up 2.02 percent at Rs.1,764.90; M&M;, down 1.89 percent at Rs.773.45 and ONGC, up 1.74 percent at Rs.263.30.

The losers on the benchmark were: BHEL, down 4.15 percent at Rs.297.65; L&T;, down 4.04 percent at Rs.1,236.70; Sun Pharma, down 3.03 percent at Rs.489.75 and Hero MotoCorp, down 2.73 percent at Rs.2,104.60.

Asian markets were ruling in the red, as debt woes of Italy came back into the limelight and concerns grew over the European nation’s ability to pay off its massive debts.

The fall came despite a modest rise in the US markets, helped by data which showed retail spending increasing for the fifth straight month.

The Japanese Nikkei closed 0.92 percent down at 8,463.16 points, while Hong Kong’s Hang Seng ended 2 percent lower at 18,960.9 points.

The Chinese Shanghai composite index closed 2.48 percent down at 2,466.96 points.

European markets also slipped. Britain’s FTSE was ruling 0.85 percent lower at 5,470.44 points, the German DAX was trading 0.8 percent down at 5,885.44 points.

The French CAC 40 was ruling flat at 3,047.55 points.

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