Sensex sheds 432 pts; biggest fall in 6 months
In its biggest fall in six months, the Bombay Stock Exchange benchmark Sensex today shed 432 points, or over 2%, on poor industrial growth show and weak cues from Europe and China.business Updated: Nov 12, 2010 16:56 IST
In its biggest fall in six months, the Bombay Stock Exchange benchmark Sensex today shed 432 points, or over 2%, on poor industrial growth show and weak cues from Europe and China.
The Sensex, which had lost 343 points in the last two trading sessions, dropped 432.20 points to 20,156.89, paring last week's 4.9% advance.
The broad-based National Stock Exchange lost 122.60 points to 6,071.65, as stocks in realty, metal and banking sector suffered the most.
The heaviest-weighted Reliance Industries dropped Rs 20.20 to Rs 1,061.85, and the second-heaviest Infosys Technologies by Rs 55.90 to Rs 2,999.25. The two carry nearly 23% weightage on the benchmark.
Falling share prices in the last two sessions on profit-booking on a mixed bag of earnings by leading companies, received further jolt following reports the that industrial growth almost halved to 4.4 per cent in September, against 8.2% in the year-ago period.
A weakening trend in the Asian region and lower opening in Europe this afternoon, amid increased investor worries about eurozone debt, contributed to the fall.
The global equities fell following report Group of 20 nations might not exempt Asian lenders from stricter capital requirements. Chinese shares fell as inflation fuelled speculation the country will raise rates.
In 30-BSE index components, 28 stocks fell while two gained. The fall was led by realty sector stocks as leading developer DLF Ltd slumped to a two-month low. The shares were cut to "under-perform" from "neutral" by Credit Suisse.
The realty sector index suffered heavy losses by 4.76% to 3,498.73 as DLF fell by Rs 18.90 to Rs 327.55, and Indiabull Realestate by Rs 10.75 to Rs 195.25.
The consumer durable index was second worst performer, losing 3.53%, at 6,971.66 followed by metal sector which was down 3.31% to 17,014.26.
Bharti Airtel, the largest mobile-phone operator fell for a third day after reporting a decline in Q2 net profit. The share slumped by Rs 11.40 to RS 306.05, lowest close since July 30.
As the selling pressure spread over a wide-front, all sectoral indices, including smallcap and midcap recorded losses of up to 4.76%.
First Published: Nov 12, 2010 09:45 IST