Sensex extends losses on monsoon concerns, loses 150 pts
Shedding early gains, the Bombay Stock Exchange benchmark Sensex today fell further by 150 points to settle at 15,009.77 on brisk selling by funds on fears that weak monsoon rain would hurt a nascent economic revival.business Updated: Aug 10, 2009 18:21 IST
Shedding early gains, the Bombay Stock Exchange benchmark Sensex on Monday fell further by 150 points on brisk selling by funds on fears that weak monsoon rain would hurt a nascent economic revival.
The Sensex, which had lost 743.59 in the last two trading sessions, went down further by 150.47 points to settle at 15,009.77. It touched the day's high of 15,417.34 and a low of 14,902.02.
The 50-share National Stock Exchange index Nifty fell 43.75 points to 4,437.65, after moving between 4,562.50 and 4,399.85 points during the day.
A weak opening at the European stock markets this afternoon further precipitated the decline.
Auto sector shares led by Mahindra and Mahindra, the largest maker of sport-utility vehicles and tractors, sank 9.12 per cent.
The auto sector index fell 4.52 per cent to 5,210.27, followed by fast-moving consumer goods, which was down 2.96 per cent to 2,479.02, as segment majors Hindustan Unilever and ITC Ltd suffered heavy losses.
Marketmen said funds moving from the secondary market to the primary market after an overwhelming response to public sector NHPC Ltd's initial public offering was a factor in the fall.
Besides auto and FMCG, the capital goods sector fell 2.03 per cent to 11,909.91, and realty 1.66 per cent to 3,615.81.
Consumer durables lost 1.49 per cent to 2,968.31, PSU 1.33 per cent to 8,107.00, banks 1.30 per cent to 8,004.99,
power 0.93 per cent to 2,821.59, oil and gas 0.43 per cent to 9,517.44 and metals 0.63 per cent to 12,064.90.
As selling was spread widely, the smallcap index lost 1.95 per cent to 6,073.03 and the midcap index 1.71 per cent
However, a gain in information technology and the teck sector index saved the market from any further fall.