Sensex pares some losses, closes 148 points down

October 20th, 2011 - 7:02 pm ICT by IANS  

Sensex Mumbai, Oct 20 (IANS) Indian equities markets managed to pare some of the intra-day losses Thursday to close moderately lower. A benchmark index ended the day 148 points down as latest high inflation data raised the likelihood of another rate hike by the central bank.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,911.85 points, closed at 16,936.89 points, down 148.45 points or 0.97 percent from its previous close at 17,085.34 points.

The 50-scrip S&P; CNX Nifty of the National Stock Exchange also closed lower, 0.92 percent or 47.25 points down at 5,091.9 points.

India’s food inflation rose sharply to cross double-digit levels at 10.6 percent for the week ended Oct 8, according to official data released Thursday. The continuing high level of inflation has increased the likelihood of another rate hike by the Reserve Bank of India.

Broader markets were also in the red with the BSE 500 index closing 0.81 percent down. The BSE midcap index was down 0.66 percent, while the BSE small cap index ended 0.47 percent lower.

The market breadth at the BSE was negative with 1,126 stocks on the advance, 1,664 declining and 128 unchanged.

According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors were net buyers to the tune of $3.53 million.

The prominent Sensex gainers included Tata Steel, up 1.47 percent at Rs.440.45; Jindal Steel, up 1.32 percent at Rs.536.40; Bharti Airtel, up 1.29 percent at Rs.389.90 and Maruti Suzuki, up 0.97 percent at Rs.1,075.80.

Losers included: HDFC, down 4.27 percent at Rs.644.95; DLF, down 3.34 percent at Rs.231.20; ICICI Bank, down 2.89 percent at Rs.878.45 and Tata Motors, down 1.9 percent at Rs.183.10.

Asian markets fell as fears about the Euro zone debt crisis lingered and the US Federal Reserve cautioned that the US economy was still weak.

The Japanese Nikkei Thursday closed 1.03 percent lower at 8,682.15 points, while Hong Kong’s Hang Seng ended 1.78 percent down at 17,983.1 points.

The Chinese Shanghai composite index ended 1.94 percent lower at 2,331.37 points.

European markets too were ruling in the red.

Around mid-day, Britain’s FTSE was trading 0.68 percent lower at 5,413.63 points, while the French CAC 40 was ruling 0.79 percent down at 3,132.28 points.

The German DAX was ruling 0.89 percent down at 5,861 points.

Related Stories

Tags: , , , , , , , , , , , , , , , , , , ,

Posted in Business |