Sensex dips by 139 pts on weak global cues
Tracking weakness in global markets, the Bombay Stock Exchange 30-share bellwether closed 139 points lower today despite a rally in the Sensex heaviest Reliance Industries after release of its third quarter results last evening.business Updated: Jan 23, 2009 17:40 IST
Tracking weakness in global markets, the Bombay Stock Exchange 30-share bellwether closed 139 points lower on Friday despite a rally in the Sensex heaviest Reliance Industries after release of its third quarter results last evening.
The market could not overcome the negative sentiment even on a 1.78 per cent gain in the shares of India's largest private sector firm RIL, which yesterday announced nearly 10 per cent fall in its net profits for third quarter, beating the analysts' forecast of a fall of about 20 per cent.
The BSE barometer settled the day lower at 8,674.35, a fall of 139.49 points or 1.58 per cent from its last close.
Similarly, the broader 50-share Nifty of the National Stock Exchange also fell by 35.25 points or 1.30 per cent to close at 2,678.55 from its last close.
The markets moved southward in line with weak trends in the global markets, Asian and European stocks were particularly weak during the day.
Asian indices ended down by about 0.6 per cent to 3.8 per cent while European markets were weak in their early trade.
Bank stocks suffered a sharp setback. India's largest public sector bank SBI dropped by 4.34 per cent, HDFC Bank by 2.20 per cent and the largest private sector lender ICICI Bank by 3.71 per cent.
The scandal-hit IT major Satyam Computer surged by Rs 9.25 or 31.25 per cent ahead of finalisation of a leadership team after one more software company iGate showed interest in acquiring selective portions of Satyam's business.