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Sensex dips 302 pts on growth concerns

Realty,metals,banking and capital goods led the fall. All 13 sectoral indices closed in the red.

Written by Agencies | Mumbai |
October 3, 2011 10:28:29 am

The BSE Sensex tumbled 302 points today to close at 16,151.45 on across-the-board selling amid concerns over economic growth as well as corporate earnings this season and weak markets globally on persisting euro-zone debt crisis.

Realty,metals,banking and capital goods led the fall. All the 13 sectoral indices closed in the red,and 22 of the 30 Sensex scrips ended with sharp to moderate losses.

Analysts said that global investor sentiment dampened after Greece said it would miss deficit targets set by IMF and EU,spurring fears over spread of euro-zone debt crisis.

They said investors were under selling pressure on all round worries over slowdown in the manufacturing sector,high inflation,rising interest rates and continued selling by foreign funds on fears of global economic slowdown.

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Steep fall in top five heavyweights RIL (2.49 pc),Infosys (2.27 pc),ICICI Bank (4.12 pc),L&T (2.94 pc) and ITC (1.54 pc) — together contributed over 180 points to the Sensex slide.

The BSE index resumed nearly 200 points lower from the previous close and fell further to end at 16,151.45 – down 302.31 points or 1.84 per cent. On Friday,Sensex had plunged over 244 points or 1.46 per cent.

The NSE 50-issue Nifty today also dropped by 93.75 points or 1.90 per cent to close at 4,849.50.

“Global turmoil is making the markets highly volatile. Besides,October,being the earnings result month,is expected to be all the more volatile going ahead,” said Shanu Goel,Senior Research Analyst at Bonanza Portfolio.

“Developments pertaining to Greece’s default and news flows from the US economy indicating the risk of recession are going to influence the future trend of the market,”Goel added.

Meanwhile,FIIs here sold shares worth about Rs 690 crore on September 29-30 as per provisional figures with the stock exchanges.

In Asia,key indices in Hong Kong,Japan,Singapore and Taiwan ended lower between 1.78 per cent and 4.38 per cent,while China and South Korea markets were closed today.

European stocks were also weak in the afternoon. The CAC was down 2.17 per cent,the DAX (2.12 pc) and the FTSE (1.62 pc). In US,the Dow Jones and the Nasdaq had dipped 2.16 per cent and 2.63 per cent respectively last Friday.

At home,realty major,DLF was the top loser from the Sensex pack,down 7.82 per cent. Metal stocks were also down amid global economic worries. Jindal Steel stumbled 6.02 per cent,Hindalco (5.45 pc),Tata Steel (4.95 pc) and Sterlite Ind (4.30 pc).

Other major losers were Jaiprakash (3.71 pc),Wipro (2.85 pc),Tata Power (2.66 pc),SBI (2.53 pc),BHEL (1.89 pc),HDFC Bank (1.88 pc),HUL (1.70 pc),NTPC (1.52 pc),Tata Motors (1.38 pc) and Bajaj Auto (1.20 pc).

Among the sectoral indices,BSE-Realty sank 4.59 per cent,Metals (4 pc),Bankex (2.82 pc) and Capital Goods (2.52 pc). Some of them logged their 52-week lows.

The total market breadth on the BSE remained unfavourable as 1,910 stocks closed in the red,while 876 that finished in the green. Total turnover dropped to Rs 2,150.24 crore from Rs 2,489.43 crore last Friday.

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Sensex tanks by 262 points

The BSE benchmark Sensex tumbled by over 262 points in opening trade on Monday amid sustained selling pressure influenced by a weakening trend in Asian markets on worries over the euro zone debt crisis.

The 30-share index,which lost 244.31 points in the previous session on Friday,plummeted further by 262.16 points,or 1.59 per cent,to 16,191.60 in opening trade today.

In a similar fashion,the wide-based National Stock Exchange Nifty index declined by 77.45 points,or 1.57 per cent,to 4,865.80,led by stocks of metal and banking firms.

Brokers said sustained selling by funds amid a weakening trend on other Asian bourses and concerns about the debt crisis in the euro zone mainly dampened the trading sentiment here.

In the Asian region,Hong Kong’s Hang Seng Index was down by 3.03 per cent,while Japan’s Nikkei declined by 2.26 per cent in early trade on Monday.

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