Sensex cuts losses, closes 266 points lower (Roundup)

Tuesday, November 23, 2010

MUMBAI - A benchmark index of Indian equities market, which plummeted over 600 points in afternoon trade Tuesday, managed to cut its losses and closed 266 points down.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,841.42 points, closed at 19,691.84 points, down 265.75 points or 1.33 percent, from its previous close of 19,957.59 points.

It had fallen about 614 points or 3.08 percent to 19,342.69 points in afternoon trade as traders turned jittery on reports of North and South Korean soldiers exchanging fire.

At the National Stock Exchange (NSE), the 50-share S&P CNX Nifty also followed a similar trajectory to close at 5,934.75 points, down 1.25 percent.

Broader markets indices were in the red too, with the BSE madcap index ending 1.05 percent lower while the BSE smallcap index moved down 1.7 percent.

All of the sectoral indices were in the negative. Realty, PSU and metal stocks were among the major losers.

The only gainers on the Sensex were Maruti Suzuki, up 1.35 percent at Rs.1,438.85, and Hindustan Unilever, up 0.33 percent at Rs.300.35.

Among leading losers were Tata Power, down 3.04 percent at Rs.1,301.65; SBI, down 2.83 percent at Rs.2,952.60; Bharti Airtel, down 2.3 percent at Rs.329.15; and Reliance Com, down 2.18 percent at Rs.146.05.

The market breadth was negative, with 801 stocks advancing, 2,151 declining and 118 remaining unchanged.

According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors bought scrips worth $116.12 million Tuesday.

The conflict on the Korean border had an impact on global bourses as well.

Asian markets ended lower.

Hong Kong’s Hang Seng ended 2.67 percent lower at 22,896.14 points, while the Shanghai Composite index closed 1.94 percent down at 2,828.28 points.

The Japanese markets were closed Tuesday.

European bourses too slipped, led by banks and commodity stocks, on reports of the South-North Korean conflict and as fading cheers surrounding Ireland’s decision to accept International Monetary Fund’s help to combat its debt crisis.

Around mid-day, Britain’s FTSE 100 was trading 0.43 percent lower at 5,656.61 points.

The German DAX was flat at 6,817.87 points, while the French CAC 40 was 0.53 percent down at 3,798.78 points.

Filed under: Economy

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