Sensex tanks 77 points; metal, auto, power stocks hit (Lead)

May 14th, 2012 - 6:19 pm ICT by IANS  

Sensex Mumbai, May 14 (IANS) A benchmark index for Indian equities markets fell 77 points Monday at the release of a higher-than-expected inflation data for April. Metal, automobile and power stocks came under intense selling pressure.

Amid volatile trade, the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,318.36 points, closed at 16,215.84 points - down 0.47 percent or 77.14 points from its previous close of 16,292.98 points.

The Sensex touched a high of 16,390.33 points and a low of 16,124.82 in the intra-day. The midcap index of the BSE fell 59.76 points, while smallcap index closed 80.81 points down.

The wider 50-scrip S&P; CNX Nifty of the National Stock Exchange closed 0.43 percent lower at 4,907.80 points.

The Sensex and Nifty, which were up in the early morning trade, plunged as soon as the inflation data was released.

The monthly inflation, represented by the wholesale price index or WPI index, stood at 7.2 per cent against 6.9 per cent in March 2012. Food articles inflation was at 10.5 per cent. The unexpected spike reduced the prospects of further interest rate cuts.

The healthcare index was up 0.78 percent followed by IT index, up 0.41 percent, and consumer durable index up 0.36 percent. The capital goods index was up 0.34 percent followed by FMCG, up 0.28 percent.

The metal index fell 0.55 percent, auto index declined 0.65 percent, and power index closed 0.79 percent down.

Major Sensex losers included DLF, down 2.64 percent at Rs.182.35; Tata Motors, down 2.42 percent at Rs.290.20; RIL, down 2.32 percent at Rs.681.15; HDFC Bank, down 2.02 percent at Rs.500.50; and BHEL, down 1.99 percent at Rs.216.75.

Major Sensex gainers included: Larsen and Toubro, up 1.84 percent at Rs.1,159.80; Bajaj Auto up 1.80 percent at Rs.1,583.15; Tata Power up 1.51 percent at Rs.93.85; Sun Pharma up 1.26 percent at Rs.576.85; and Infosys up 1.13 percent at Rs.2,338.

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