SENSEX
26851.05 63.82 (0.24%)
NIFTY
8014.55 18.65 (0.23%)
News 
Sensex extends losses; Reliance, Infosys, L&T down 1%
06 Jul 2012 10:08 AM
Share:
Font Resize: A A

The BSE Sensex has extended losses amid choppy trade due to somewhat profit booking. Technology, oil & gas, metals and infrastructure stocks were under pressure.

The BSE benchmark declined 92.25 points to 17,445.42 and the NSE benchmark slipped 32.7 points to 5,294.6. The Indian rupee too remained weak, falling by 53 paise to 55.47 against the US dollar.

Even along expected lines rate cut by European Central Bank (ECB) and a surprise rate cut by The People's Bank of China (PBoC) yesterday failed to cheers global markets because every market across the globe seems worried about growth in major parts (Europe and US) of the world. Asian markets like Shanghai, Hang Seng, Nikkei, Kospi, Taiwan Weighted and Straits Times fell 0.4-1%.

ECB has cut refinancing rate by 25 basis points to a record low of 0.75%. Even deposit and marginal lending rates were also cut by 25 bps. However, President of the ECB, Mario Draghi has noted that the downturn has become more widespread and demand remains weak. PBoC cut lending rates by 31 bps with 30% flexibility below reference rate and cut one-year deposit rate by 25 bps.

Back home, MET Department's statement too dented the sentiment saying monsoon rains are 49% below average in the week ended July 4.

Reliance Industries, India's most valued stock and engineering and construction major by sales Larsen & Toubro were down 1% each.

Country's largest software services exporters TCS, Infosys and Wipro moved down 0.75-1.7%. State-owned oil & gas producer ONGC slipped 1.15% and top lender State Bank of India was down 0.4%.

Among metals stocks, Jindal Steel, Tata Steel and Sterlite Industries plummeted 1.5-2.6%.

However, top commercial vehicle maker Tata Motors and utility vehicle manufacturer M&M gained 0.9% each. FMCG major HUL rose 0.9% too and housing finance company HDFC was up 0.4%.

In the second lineshares, KSK Energy Ventures, Hindustan National Glass, Anant Raj Industries, Jain Irrigation and Tube Investment rallied 4-10% whereas Edelweiss Financial, MindTree, Delta Corp, Shoppers Stop and Trent fell 3-4%.



At 9:20 hours IST: Sensex starts on a cautious note; Rupee down to 55.5/$

Indian equity benchmarks opened flat with a negative bias on Friday, following marginally negative Asian cues. Asian markets were down due to growth concerns after disappointing economic data, even after central banks cut rates yesterday.

The BSE benchmark was down 39 points to 17,500 and the NSE benchmark fell 14.45 points to 5,312.85.

The Indian rupee depreciated further by 56 paise to 55.50 against the US dollar.

Among Asian markets, Shanghai, Hang Seng, Nikkei, Straits Times, Kospi and Taiwan Weighted were down 0.4-0.8% following a decline in US markets as markets looked worried about growth despite rate cut by central banks. European Central Bank cut refinancing rate by 25 bps to a record low of 0.75%. The People's Bank of China also throw a suprise by reducing lending rates by 31 bps with 30% flexibility below reference rate.

Back home, JSPL fell 2% as DowJoneswire reported that the company has suspended work at its Bolivia Iron Ore Mine.

JP Associates, L&T, Infosys, Wipro, ICICI Bank, ONGC, TCS, Reliance Industries, NTPC and SBI were under pressure.

However, Coal India, HUL, M&M, Tata Motors, ACC and Ambuja Cements gained in early trade.

The CNX Midcap Index was flat, but advancing shares outnumbered declining by 417 to 286 on the National Stock Exchange.

In the second line shares, Ballarpur Industries rose 2.5% as the company will transfer two paper units to its arm and list it overseas as per demands by FII shareholders.

India Cements went up 1.5% after promoter has increased stake in the company by 2.47% to 28.24%.

Lanco Infratech was up 0.6% after Mint reported that Morgan Stanleyis in talks to buy stake in Lanco thermal assets.

South Indian Bank and Dhanlaxmi Bank were up 0.7-1.5%.

Kalindee Rail shot up nearly 6%. 3i Infotech gained 0.8%, rising for third consecutive session today.

However, Kingfisher Airlines fell over 1%.

Back to Top
Read More On
#Sensex extends losses; Reliance # Infosys # L&T down 1%
comments 0

« Previous story

Next story »
Font Size:     Feedback     Desktop site »
Language: English    हिंदी    ગુજરાતી
© 2014. a Web18 Venture