Sensex tanks 298 points, metal, auto stocks fall (Lead)

May 16th, 2012 - 7:14 pm ICT by IANS  

Sensex Mumbai, May 16 (IANS) A benchmark index of Indian equities fell 298 points Wednesday as concern over eurozone and a depreciating rupee weighed on sentiments. Metals, auto and consumer durable stocks came under intense selling on heavy funds outflow.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in the positive at 16,132.68 points, closed at 16,030.09 points, down by 1.83 percent or 298.16 points from its previous close of 16,328.25 points.

The Sensex touched a high of 16,132.68 points and a low of 15,974.60 points in the intra-day. The midcap index of the BSE rose 46.35 points, while smallcap index closed 70.43 points down.

The wider 50-scrip S&P; CNX Nifty of the National Stock Exchange also closed 1.71 percent down at 4,858.25 points.

Markets globally felt the impact of the political uncertainty in Greece where efforts to form a new government collapsed Tuesday.

Germany’s DAX and Britain’s FTSE fell 1 percent, while France’s CAC was trading flat at the time of closure here. Earlier, the Hang Seng and Kospi topped the selling list in Asia, going down 3 percent each. Shanghai, Nikkei, Straits Times and Taiwan were also down.

During the day, the Indian rupee slumped to a record low of 54.42 to a dollar over rising concern over the fiscal deficit and poor economic outlook coupled with weak global cues.

Auto, metal, capital goods and banking shares were the worst performers.

The metal index fell 2.68 percent or 274.87 points, auto index by 2.59 percent or 252.61 points, consumer durables index slipped by 1.94 percent or 128.67 points, capital goods index by 1.69 or 154.15 points, and banking index fell 1.65 percent or 177.61 points.

Stocks of Tata Motors slumped 7.34 percent at Rs.269 while those of Tata Steel dropped 3.89 percent at Rs.401.55, and BHEL down 3.74 percent at Rs.208.75.

Other major Sensex losers included HDFC, down 3.71 percent at Rs.621.10; Hindalco Inds, down 3.28 percent at Rs.110.45; Wipro, down 3.26 percent at Rs.391.10; Jindal Steel, down 3.10 percent at Rs.451.60; DLF, down 2.86 percent at Rs.181.55; ICICI Bank, down 2.77 percent at Rs..794.10; and Sun Pharma, 2.12 percent at Rs.582.70.

The only two Sensex gainers were Sterlite Inds, up 0.87 percent at Rs.98.65 and Bajaj Auto up 0.47 percent at Rs.1616.50.

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