Sensex sheds nearly 200 pts; ICICI drags

Sensex shed nearly 200 points to close below the 9k level for the first time in nearly a month.

Written by Agencies | Mumbai | Published: February 20, 2009 4:31 pm

Mirroring a decline on bourses across the world,the Bombay Stock Exchange benchmark Sensex on Friday shed hefty nearly 200 points to close below the 9,000 level for the first time in nearly a month.

The Sensex,which has lost 620 points in the first three days of the week,today dropped 199.42 points to end at 8,843.21,the lowest level since January 23. on Thursday,it had cut short its three-day loses by gaining nearly 27 points.

The National Stock Exchange index Nifty also lost 52.90 points at 2,736.45.

With the selling pressure spreading over a wide front,28 stocks in the 30-share barometer ended with losses while two stocks– ACC and Maruti Suzuki — closed in the green.

Marketmen attributed selling pressure to Wall Street declining to record level overnight. Dow Jones Industrial Average closed down by 1.2 per cent to 7,465.95,the weakest level in 6 years,on another rise in unemployment claims which deepened fears of economic recession getting prolonged.

European indices also down by as much as nearly 3 per cent.

Reflecting the poor global cues,Asian markets on Friday closed lower in the range of 1-4 per cent.

On BSE,banking shares were again battered and sectoral took a hit of 3.49 per cent. Country’s largest private sector lender ICICI Bank ended down by a hefty 7.07 per cent.

IT stocks,which attracted buying yesterday on rupee depreciation,however could not sustain it. BSE IT index ended lower by 2.69 per cent. India’s biggest software exporter TCS at 3.23 per cent was among big Sensex losers. Infosys Tech also lost 2.46 per cent.

In US Hewlett-Packard lowered its profit forecast for the year and its stocks tumbled.

Scam-hit Satyam Computer,however,rose 1.73 per cent to Rs 45.45 after the Company Law Board allowed the company to induct strategic investor via an open bidding process.

HDFC,mortgage lender,fell 2.80 per cent to SBI was down 1.22 per cent.

Metal index was another heavy loser at 2.67 per cent,followed by teck index by 2.21 per cent. Oil and Gas index lost 2.17 per cent and capital goods index 1.95 per cent.

Realty index lost 1.93 per cent,PSU index 1.56 per cent power index 1.41 per cent,healthcare index 1.12 per cent,auto index 1.11 per cent and consumer durable index 1.09 per cent.

Small-cap index fell by 1.66 per cent to 3,160.59 and mid-cap index by 1.64 per cent to 2,791.72.

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