Markets hold up in wake of weak GDP numbers (Roundup)

February 27th, 2009 - 6:52 pm ICT by IANS  

SensexMumbai, Feb 27 (IANS) Indian equities markets Friday managed to hold their own in the face of depressing GDP growth numbers and uncertainty prevailing in global markets as a key index at the Bombay Stock Exchange ended trade merely 0.71 percent lower than its last close.
The 30-scrip Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 8,944.11 points, closed at 8,891.61 points, down 0.71 percent or 63.25 points from Thursday’s close.

The S&P CNX Nifty index of the National Stock Exchange (NSE) shut shop at 2,758.8 points, 0.96 percent lower than its last close of 2,785.65 points.

“Despite weak GDP numbers the markets have held on. You would appreciate this as global markets especially US continue to give out negative signals,” said Jagannadham Thunuguntla, chief executive of New Delhi-based brokerage firm SMC Group.

The BSE midcap index was 0.04 percent lower, while the BSE smallcap index was down 0.221 percent.

Of the 13 sectoral indices on the BSE, those for banking, FMCG and metal stocks were in the green while all others turned negative.

Top gainers on the Sensex were Tata Steel (up 5.61 percent at Rs.172.35), HDFC (up 4.75 percent at Rs.1,269.20), HDFC Bank (up 1.35 percent at Rs.884.85) and ICICI Bank (up 1.03 percent at Rs.328.10).

Among the losers were Grasim Industries (down 5.99 percent at Rs.1,371.50), Ranbaxy (down 4.8 percent at Rs.169.95), Wipro (down 3.98 percent at Rs.215.95) and Reliance Infra (down 3.71 percent at Rs.490.60).

The overall market sentiment was mixed with 1,043 stocks advancing, 1,320 scrips declining and 103 remaining unchanged.

Foreign institutional investors (FIIs) were net sellers, pulling out $59.20 million from the markets.

In Asian markets, the Hang Seng, a key index of the Hong Kong Stock Exchange, also shed 0.65 percent from its last close.

European markets were doing no better with the FTSE index in Britain ruling 0.65 percent below its last close.

“There is great concern in Western markets as news of poor company results and huge losses continue to surface frequently,” added Thungunthula.

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