Sensex dips below 16k after 2 weeks on low factory output | business | Hindustan Times
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Sensex dips below 16k after 2 weeks on low factory output

business Updated: Dec 12, 2011 17:09 IST
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The Bombay stock exchange benchmark Sensex on Monday dipped below the crucial 16,000 level after two weeks, losing over 343 points or 2.12% on negative factory output numbers and weak global markets.

The Sensex, which had lost 664 points in the past two trading sessions, fell further by 343.11 points to close at 15,870.35, below the 16k level after November 25.

The broad-based National Stock Exchange index Nifty lost 102.10, or 2.10% to 4,764.60.

Industrial output registered a negative growth of 5.1% in October, lowest in over two years, mainly due to rising interest rate, high prices and global uncertainties.

The factory output had grown by 11.3% in October last year.

A weak trend in global markets further drove the market lower. Asian stocks weakened amid investor worries over persisting euro zone debt crisis.

Reliance Industries, with heaviest weight on Sensex, dropped 3.65%, its sharpest loss in more than three months. SBI tumbled by 4.80%.

The metal sector index suffered the most by losing 4.14% to 10,420.30, followed by banking index, down 2.98% at 10,157.05. Capital goods, oil and gas, realty, power and auto sector indices fell by up to 2.60% as selling pressure spread over a broader front.