Christmas elves elude markets, key index loses 118 points (Roundup)December 24th, 2008 - 6:59 pm ICT by IANS
Mumbai, Dec 24 (IANS) Christmas eve failed to bring any cheer to Indian equities markets Wednesday as stocks continued their losing streak and a key sensitive index fell for the third consecutive day this week to end trade 1.22 percent lower than its previous close.The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) slid 118.03 points or 1.22 percent from 9,686.75 points to close at 9,568.72 points.
Broader S&P CNX Nifty of the National Stock Exchange (NSE) fell more than the Sensex and shut shop at 2,916.85 points, about 51.8 points or 1.74 percent lower than its previous close.
Market indices also fell with the midcap index going down 0.95 percent and the smallcap index losing 1.07 percent over its previous close.
Of the 13 sectoral indices in the Sensex, banking stocks were the only gainers with the BSE Bankex sectoral index gaining 1.64 points. Realty companies were the biggest losers with the sectoral index falling 4.91 percent.
Top gainers were ICICI Bank (up 3.27 percent to close at Rs.426.8), State Bank of India (up 1.77 percent at Rs.1,264) and Ranbaxy Laboratories (up 1.24 percent at Rs.216.30).
Among the losers, Tata Motors was the hardest hit with its stock dipping 8.69 percent to close at Rs.174.85, followed by Tata Consultancy Services (down 4.47 percent at Rs.500.40).
Nearly 1,500 stocks declined on the BSE against 920 advances, while 92 stocks remained unchanged.
Asian markets dropped for fourth straight trading session as a drop in the US house prices and a slump in confidence among Japanese manufacturers stoked concerns that the recession was deepening in the world’s leading economies.
The Hang Seng, a key index of the Hong Kong Stock Exchange, were trading 0.26 percent lower than its previous close while the Nikkei, a key index of the Tokyo Stock Exchange was ruling 2.37 percent lower than Tuesday’s close.