Sensex dips by 67 pts, DLF biggest loser
Mumbai, May 9: The BSE benchmark Sensex today declined by 67 points to close at a fresh four-month low of 16,479.58 in volatile trade on sustained foreign fund outflows amid weak cues from European as
Ad
Mumbai, May 9: The BSE benchmark Sensex today declined by 67 points to close at a fresh four-month low of 16,479.58 in volatile trade on sustained foreign fund outflows amid weak cues from European as well as Asian markets.
After opening at 16,436.41, the 30-share Sensex hovered in a 200-point range before closing at 16,479.58, a loss of 66.60 points from its previous close. Out of the 30-share Sensex pack, 22 scrips declined.
Brokers said apart from poor show in European and Asian markets, the renewed signs of weakness in rupee was a major contributing factor for the fall in Indian stocks.
DLF that dropped by 4.18 per cent was the biggest loser amongst Sensex stocks, followed by SBI (3.64 pc), Mahindra and Mahindra (3.21 pc), NTPC (2.92 pc) and Jindal Steel (2.9 pc).
Counters like Reliance Industries, SBI, Infosys, HDFC and Mahindra and Mahindra that lost between 1-3.6 per cent contributed over 94 points to Sensex's loss.
The fall was cushioned to a great extent by ITC and TCS which gained 5.61 per cent and 2.13 per cent respectively. Sell-off was seen in BSE-Realty, BSE-Metal, BSE-Banking, BSE-Power and BSE-PSU that lost in the range of 1.8-3 per cent.
The NSE 50-share Nifty also declined by 25.15 points or 0.50 per cent to finish at 4,974.80.
“Domestic markets started on a weak note following weak European cues. Uncertainty over the Greek crisis increased yesterday which pushed the global markets lower. Nifty continued to remain under pressure as European markets opened weak,” said Fairwealth Securities Head Equity Sharmila Joshi.
Market participants said selling by foreign funds over the past two days have mainly weighed on the market sentiment.
FIIs sold shares worth Rs 398.98 crore yesterday as per provisional data from the stock exchanges. They have taken out nearly Rs 1,030 crore between May 7 and May 8.
European stock markets struggled for direction in a choppy session in the early trade, with major banks pushing to move higher, while drug makers added downward pressure. Key benchmark indices in France, Germany and UK were down by 0.09 per cent to 0.51 per cent.
Asian markets ended lower as Greece struggled to form a government two days after elections, raising risks that the bailout would not work as per expectations. Key benchmark indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.75 per cent to 1.65 per cent.
Brokers said indication of lower opening in US index futures also affected the global market sentiment.
“Both domestic and global issues will continue to keep Indian market highly volatile in the coming days,” said Shanu Goel, Senior Research Analyst, Bonanza Portfolio.
Major losers from the Sensex pack today were DLF (4.18 pc), SBI (3.64 pc), M&M (3.21 pc), NTPC (2.92 pc), Jindal Steel (2.90 pc), Coal India (2.52 pc), Sterlite Industries (2.47 pc) and Tata Steel (2.34 pc).
Others like Reliance Industries (1.91 pc), Bharti Airtel (1.65 pc), Tata Power (1.41 pc), Hero MotoCorp (1.37 pc), HDFC (1.20 pc), Tata Motors (1.13 pc), ICICI Bank (1.02 pc) and Infosys (1.01 pc) also figured among prominent losers.
However, FMCG major ITC surged 5.61 per cent followed by TCS (2.13 pc), Hindalco Industries (1.36 pc), Bajaj Auto (1.19 pc) and Wipro (1.11 pc) ended the day with gains.
The market breadth continued to remain negative as 1,796 scrips finished with losses while 936 scrips ended with gains.
The total market turnover declined to Rs 2,069.31 crore from Rs 2,115.39 crore yesterday.
After opening at 16,436.41, the 30-share Sensex hovered in a 200-point range before closing at 16,479.58, a loss of 66.60 points from its previous close. Out of the 30-share Sensex pack, 22 scrips declined.
Brokers said apart from poor show in European and Asian markets, the renewed signs of weakness in rupee was a major contributing factor for the fall in Indian stocks.
DLF that dropped by 4.18 per cent was the biggest loser amongst Sensex stocks, followed by SBI (3.64 pc), Mahindra and Mahindra (3.21 pc), NTPC (2.92 pc) and Jindal Steel (2.9 pc).
Counters like Reliance Industries, SBI, Infosys, HDFC and Mahindra and Mahindra that lost between 1-3.6 per cent contributed over 94 points to Sensex's loss.
The fall was cushioned to a great extent by ITC and TCS which gained 5.61 per cent and 2.13 per cent respectively. Sell-off was seen in BSE-Realty, BSE-Metal, BSE-Banking, BSE-Power and BSE-PSU that lost in the range of 1.8-3 per cent.
The NSE 50-share Nifty also declined by 25.15 points or 0.50 per cent to finish at 4,974.80.
“Domestic markets started on a weak note following weak European cues. Uncertainty over the Greek crisis increased yesterday which pushed the global markets lower. Nifty continued to remain under pressure as European markets opened weak,” said Fairwealth Securities Head Equity Sharmila Joshi.
Market participants said selling by foreign funds over the past two days have mainly weighed on the market sentiment.
FIIs sold shares worth Rs 398.98 crore yesterday as per provisional data from the stock exchanges. They have taken out nearly Rs 1,030 crore between May 7 and May 8.
European stock markets struggled for direction in a choppy session in the early trade, with major banks pushing to move higher, while drug makers added downward pressure. Key benchmark indices in France, Germany and UK were down by 0.09 per cent to 0.51 per cent.
Asian markets ended lower as Greece struggled to form a government two days after elections, raising risks that the bailout would not work as per expectations. Key benchmark indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.75 per cent to 1.65 per cent.
Brokers said indication of lower opening in US index futures also affected the global market sentiment.
“Both domestic and global issues will continue to keep Indian market highly volatile in the coming days,” said Shanu Goel, Senior Research Analyst, Bonanza Portfolio.
Major losers from the Sensex pack today were DLF (4.18 pc), SBI (3.64 pc), M&M (3.21 pc), NTPC (2.92 pc), Jindal Steel (2.90 pc), Coal India (2.52 pc), Sterlite Industries (2.47 pc) and Tata Steel (2.34 pc).
Others like Reliance Industries (1.91 pc), Bharti Airtel (1.65 pc), Tata Power (1.41 pc), Hero MotoCorp (1.37 pc), HDFC (1.20 pc), Tata Motors (1.13 pc), ICICI Bank (1.02 pc) and Infosys (1.01 pc) also figured among prominent losers.
However, FMCG major ITC surged 5.61 per cent followed by TCS (2.13 pc), Hindalco Industries (1.36 pc), Bajaj Auto (1.19 pc) and Wipro (1.11 pc) ended the day with gains.
The market breadth continued to remain negative as 1,796 scrips finished with losses while 936 scrips ended with gains.
The total market turnover declined to Rs 2,069.31 crore from Rs 2,115.39 crore yesterday.