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Journalism of Courage
Stock markets ended lower on Monday as selling pressure resumed after Friday8217;s recovery and brought the Sensex below the 3,000 level. While PSUs led the fall, selling was seen in other sectors including tech, automobile, cement, telecom, media and pharmaceuticals.
The BSE 30-share Sensitive Index Sensex shed 45.90 points, to end at 2,991.36. The NSE S038;P CNX Nifty Index of the National Stock Exchange lost 13.28 points to 963.15. Stocks of PSU refineries were weak on fears that a further delay may manifest in the privatisation programme following reports that the disinvestment ministry has returned the deposit money back to prospective advisors for the stake sale in HPCL and BPCL.
Investors appeared cautious over concerns about the fate of the government8217;s divestment programme, India8217;s response to last Tuesday8217;s terrorist attack on a temple in Gujarat and uncertainty over the US-Iraq standoff. HPCL moved down by 9.88 to Rs 168.20 and BPCL by 7.85 to Rs 171.90 on fears that the PSU refiners8217; divestment would be delayed or even shelved.
Hero Honda Motor down 3.63 to Rs 259.95 and Bajaj Auto down 2.56 to Rs 389.50 dropped amid concerns over the growth of the two-wheeler industry, which is likely to witness a slowdown in the coming months. Analysts said that market players are sceptical over whether Hero Honda and Bajaj Auto can maintain their growth track record in the near future.
Tech pivotals HCL Tech down 4.62 to Rs 208.70, Infosys Tech down 2.86 to Rs 3,400.30 and Satyam Computer down 2.27 to Rs 215.50 traded weak after the futures trading on Nasdaq down 8.50 points indicated a subdued opening later on Monday. Heavyweights Hindustan Lever down 2.15 to Rs 172.65, Reliance Petroleum down 0.86 to Rs 23.10, ITC down 0.63 to Rs 649.85, State Bank of India down 0.20 to Rs 229.90 and Reliance Industries down 0.10 to Rs 258.25 also contributed to the weakness of the Sensex.
