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  4. Sensex Drops Nearly 169 Points On Weak Global Cues

Sensex Drops Nearly 169 Points On Weak Global Cues

Mumbai, Mar 1: The BSE benchmark index Sensex today dropped nearly 169 points to settle at 17,583.97 points on across-the-board selling after concerns over slow growth and weak Asian markets.Overall 12 out of 13 sectoral

India TV News Desk [ Updated: March 01, 2012 17:51 IST ]
sensex drops nearly 169 points on weak global cues
sensex drops nearly 169 points on weak global cues

Mumbai, Mar 1: The BSE benchmark index Sensex today dropped nearly 169 points to settle at 17,583.97 points on across-the-board selling after concerns over slow growth and weak Asian markets.


Overall 12 out of 13 sectoral indices closed down between 0.41 per cent and 3.29 per cent with realty, capital goods and banking segments suffering the most. Only BSE HealthCare settled in the green.

The 30-share barometer resumed lower and remained in the negative terrain throughout, although it tried to recover in the last session on firm European advices, but still ended down by 168.71 points, or 0.95 per cent.

The largest private lender ICICI Bank fell by 2.44 per cent, while engineering major Larsen & Toubro lost 2.30 per cent after spike in world crude oil prices renewed rate hike concerns.

Market major Reliance Industries fell by over 1 per cent, dragging the Sensex down.

ONGC also closed down 1.87 per cent after an initial spike, as bids came in for the auction for sale of the government's stake in the company public sector energy giant.

It got bids for 29.22 crore shares worth about Rs 8,500 crore, about two-third of targetted proceeds of over Rs 12,000 crore. Among the 30-Sensex components, 24 closed with losses while only six finished with gains.

The wide-based Nifty of the National Stock Exchange also dipped by 45.45 points, or 0.84 per cent, to 5,339.75 points.

Geojit BNP Paribas Financial Services Research Head Alex Mathew said weak Asian cues and third quarter GDP numbers, that showed economic growth at over 2-year low of 6.1 per cent yesterday, affected the market sentiments.

Asian stocks ended lower today after US stocks faltered on Wednesday as Federal Reserve Chairman Ben Bernanke dashed hopes of additional quantitative easing and expressed a cautious view on the domestic recovery.

Key benchmark indices in China, Hong Kong, Japan, Singapore and Taiwan closed down between 0.10 and 1.35 per cent while South Korea market was closed today.

However, European markets recovered early losses and were trading better. Key benchmark indices in France, Germany and London moved up by 0.27 per cent to 0.50 per cent.

Major losers from the Sensex pack were DLF (5.17 per cent), M&M (3.67 per cent), BHEL (2.97 per cent), NTPC (2.54 per cent), Tata Steel (2.03 per cent), Wipro (1.64 per cent), Bajaj Auto (1.22 per cent), Tata Motors (1.16 per cent) and SBI (1.05 per cent).

However, Maruti Suzuki rose by 4.64 per cent and Hindalco Ind by 1.35 per cent.

Among the sectoral indices the BSE-Realty dropped by 3.29 per cent followed by the BSE-Capital Goods 1.62 per cent, the Bankex 1.20 per cent, the BSE-Oil&Gas 0.95 per cent, the BSE-Auto 0.90 per cent and the BSE-Metal 0.85 per cent.

The market breadth turned negative as 1,580 stocks ended with losses while 1,264 stocks finished with gains.

The total turnover dropped to Rs 2,848.45 crore from the yesterday's closing level of Rs 3,514.52 crore.

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