Search Now

Recommendations

Monday, November 15, 2010

Sensex tumbles on grim IIP, global jitters


It was a freaky Friday on Dalal-Street, markets extended losses for the third straight trading session on the back of a global sell-off. The Realty, Consumer Durables and the Metals and the Banking stocks were among the major laggards.

"Rising dollar index, weakness in the global equity markets and media reports stating that Dubai Group missing interest payment on US$330mn loan, acted as dampener for the traders. In addition lower than expected IIP numbers further dragged the NSE Nifty to slide below the 6100 levels," says Amar Ambani, Head of Research (India Private Clients) - IIFL.



The BSE Sensex lost 432 points to close at 20,157 and the NSE Nifty slipped 123 points to close at 6,072.

All the BSE sectoral indices ended in the red, the BSE Realty index was the top loser the index lost 5%, followed by BSE Metal index lost 3.5%, the BSE Consumer Durables index slipped 3.5% and BSE Banking index slipped 3%.

The broader indices ended with losses, the BSE Mid-Cap index ended lower by 2.5% and BSE Small-Cap index slipped 2.5%.

The European indices were trading in the red, the DAX in Germany was down 0.7%, the CAC 40 index in France was down 1.8% and FTSE index ended 0.8%.

Outside the frontline indices, the big losers in the broader market were Renuka Sugar, Hindustan Copper, Hindustan Oil and Apollo Tyres. On the other hand, gainers included Cadila, RCF, Idea and Patni.