Sensex dives 371 points on rate hike fears, weak global cues

August 18th, 2011 - 7:26 pm ICT by IANS  

Sensex Mumbai, Aug 18 (IANS) Indian equities markets closed lower Thursday, affected by a global selling spree over concerns about economic recovery in developed countries and fears of another interest rate hike by the Reserve Bank of India.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,910.27 points, closed at 16,469.79 points, down 371.01 points or 2.2 percent compared to its previous close at 16,840.8 points.

The 50-scrip S&P; CNX Nifty of the National Stock Exchange also followed a similar trajectory to close 2.22 percent down to 4,944.15 points.

The midcap and smallcap indices on the BSE too closed in the red. Broader market indices like the BSE 500 ended 2.17 percent lower.

The market breadth was negative at the BSE, with 679 stocks moving up, compared to 2,180 on the decline and 104 remaining unchanged.

There were only four gainers on the Sensex: DLF, up 2.7 percent at Rs.182.40; Hero MotoCorp, up 0.67 percent at Rs.1,950.90; Hindustan Unilever, up 0.41 percent at Rs.317.35 and Jaiprakash Associates, up 0.26 percent at Rs.58.05.

Main losers included: ICICI Bank, down 5.03 percent at Rs.864.75; Wipro, down 4.72 percent at Rs.328; SBI, down 4.47 percent at Rs.2,077.55 and Sterlite Industries, down 4.28 percent at Rs.128.60.

According to data available with the Securities and Exchange Board of India, foreign institutional investors sold stocks worth $89.86 million Thursday.

Fears of a slowdown in the global economy led to a renewed selling spree at bourses around the world.

Asia market ended in the red.

The benchmark Japanese Nikkei closed 1.25 percent lower at 8,943.76 points, while the Chinese Shanghai Composite index shed 1.61 percent to end at 2,559.47 points.

Hong Kong’s Hang Seng too was down 1.34 percent at 20,016.27 points.

European markets were faring worse at the time of filing this report.

The FTSE 100 of UK was ruling 2.32 percent lower at 5,208.12 points, while the German DAX was down 3.79 percent at 5,723.37 points.

The French CAC 40 was down 2.49 percent at 3,173.31 points.

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