Sensex down 34 pts as investors turn cautious over slow growth | business | Hindustan Times
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Sensex down 34 pts as investors turn cautious over slow growth

business Updated: Sep 21, 2011 17:56 IST
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The BSE Sensex fell 34 points to 17,065.15 on Wednesday in volatile trading as investors booked profits amid IMF forecast of slower economic growth in India, and US Fed's policy meeting as America and Europe are feared to be headed for recession.

Refinery and auto stocks fell, while consumer durables, banks and realty made gains, cushioning the fall.

ICICI Bank, SBI and HDFC Bank ended with marked gains, while Hero MotoCorp, Maruti Suzuki, Bajaj Auto and Tata Motors ended in losses.

Reliance Industries, with heaviest weight on Sensex, fell 1.57% and auto major Maruti Suzuki by 2.65%.

The oil and gas sector index suffered the most, down 1.16%, followed by auto which fell 0.91%. The metal sector lost 0.26%.

After gaining 354 points yesterday amid firm global markets - on hopes of another rescue plan for Greece and expectations that the US Fed will take steps to stimulate its economy - the market turned cautious.

Meanwhile, IMF said yesterday that it expects India's economic growth rate to moderate to 7.5-7.75% in 2011 and 12, from 8.5% in the last fiscal, on account slowing investments and sluggish global recovery.

The BSE 30-share index, Sensex, touched a high of 17,191.12 but fell back after mid-session on weak European openings and settled at 17,065.15, down 34.13 points or 0.20%.

The broader NSE 50-issue Nifty also fell 6.95 points or 0.14% to 5,133.25.