Thaindian News

Mumbai, Nov 25 (IANS) Global economic turmoil, particularly the debt crisis in Europe, weighed heavy on investors at Indian equities markets as a benchmark index wiped the previous session’s gains and closed 163 points lower Friday.

However, retail stocks rose, cheering the government’s decision to allow foreign equity into multi-brand retail.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened lower at 15,781.25 points, closed at 15,695.43 points, 163.06 points or 1.03 percent down from its previous close at 15,858.49 points.

As the selling picked up in the afternoon, the Sensex fell 212 points to touch the intra-day low at 15,645.78 points.

The 50-scrip S&P; CNX Nifty of the National Stock Exchange also closed in the red at 4,710.05 points — down 0.98 percent or 46.4 points.

Broader markets were subdued, with the BSE 500 index ending 0.51 percent lower. However, the BSE midcap index moved up 0.38 percent, while the BSE smallcap index closed 0.84 percent higher.

Retail stocks, however, bucked the trend and rose sharply on the back of the decision to open up the sector further with up to 51 percent foreign equity in multi-brand format and 100 percent in single brand stores.

The Kishore Biyani-promoted Pantaloon Retail’s scrip soared by 18.94 percent to touch an intra-day high of Rs.238.60. It ended the day’s trade at Rs.234.05, up 16.65 percent from Thursday’s close.

Vishal Retail’s scrip shot up 19.89 percent and touched its upper circuit in the morning trade at Rs.22.6. The stock closed the day at the same levels.

The market breadth was positive, with 1,550 stocks advancing and 1,218 on the decline. Another 110 were unchanged.

Among gainers on the 30-scrip Sensex were: BHEL, up 3.45 percent at Rs.269.85; L&T;, up 3.4 percent at Rs.1,265.80; DLF, up 3.24 percent at Rs.203.95; and SBI, up 2.27 percent at Rs.1,690.70.

Major losers included Maruti Suzuki, down 3.89 percent at Rs.950.05; Hindalco, down 3.73 percent at Rs.113.60; RIL, down 2.61 percent at Rs.754; and Infosys, down 2.48 percent at Rs.2,600.60.

Asian markets were edgy on fears as Germany continued to oppose a larger role for the European Central Bank in managing the euro zone’s debt crisis and Portugal’s credit rating was lowered to junk.

The Japanese Nikkei closed flat at 8,160.01 points. Hong Kong’s Hang Seng closed 1.37 percent down at 17,689.48 points.

The Chinese Shanghai composite index closed 0.72 percent down at 2,380.22 points.

The wide-spread debt crisis in Europe and policymakers’ inability to come up with concrete measures to bail out troubled economies in the zone continued to plague European markets.

Investors have been worried about Germany’s persistent opposition to the idea of joint euro zone bonds and an expanded role for the European Central Bank.

UK’s FTSE 100 was ruling 0.65 percent down at 5,094.33 points, DAX was trading 0.85 percent lower at 5,382.18 points.

The French CAC 40 was ruling 0.87 percent lower at 2,797.73 points.