Sensex snaps two-day rally, ends down 82 pts on poor IIP nos
Snapping a two-session rally, the BSE benchmark index Sensex today fell by 82 points to close at 17,748.69, on disappointing industrial output growth.business Updated: Feb 10, 2012 17:18 IST
Snapping a two-session rally, the BSE benchmark index Sensex on Friday fell by 82 points to close at 17,748.69, on disappointing industrial output growth.
The Sensex, which had gained over 208 points in the last two trading sessions, fell by 82.06 points, or 0.46%, to 17,748.69, after dismal industrial production hit the investor sentiment.
Factory output as measured by the Index of Industrial production grew by a mere 1.8% in December, 2011, due to contraction in mining and capital goods sectors and a lower manufacturing sector growth.
Finance Minister Pranab Mukherjee described the industrial output growth as "disappointing" and expressed hopes that the figures would show some improvement in the coming months.
Global markets also exhibited weak trends after European leaders held back a debt bailout for Greece pending a parliamentary vote on an austerity plan. Traders said companies cutting their earnings forecasts also weighed down on the sentiment.
The broad-based National Stock Exchange index Nifty also fell by 30.75 points, or 0.57%, to 5,381.60 as investors booked profits from recent gains.
The two heaviest stock on the benchmark with a combined weightage of 20% -- Reliance Industries and Infosys -- dropped by 1.23% to Rs 842.15 and by 0.87% to Rs 2,782.70, respectively.
However, Tata Steel gaining the most in more than a week surging 5.30% to Rs 475 and Bajaj Auto by 2.10% to Rs 1,736.55, saved the makret from any major fall.
Prominent losers in the index kitty sector were Hero MotoCorp, Maruti Suzuki, Mahindra and Mahindra, Gail India, HDFC Bank, ICICI Bank, State Bank of India, Larsen and Toubro, Bhel, Cipla and Hindalco Industries.
The realty sector index suffered the most by losing 0.93% to 1,887.49, followed by oil and gas index by 0.80 to 8,770.65. Healthcare index lost 0.71% to 6,347.10 and Banking index by 0.68% to 11,986.92.