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Equities ease on weak global advice; Sensex sheds 120 points
MUMBAI - The market ended lower, after decent rise in the past two sessions, due to losses in the US markets on renewed worries over the fallout from the US subprime mortgage crisis. European markets, which opened after Indian markets, slipped into the red in volatile trade.
- PUBLISHED: Wed 28 Nov 2007, 9:13 AM UPDATED: Sat 4 Apr 2015, 11:22 PM
- By:
- Our Correspondent (BOMBAY STOCK)
Earlier, select Asian markets recovered from an initial fall after Abu Dhabi Investment Authority reached a deal to buy an equity stake in Citigroup. US stocks tumbled on Monday, as investors worried rising US mortgage defaults and credit market losses will drag on the US economy, fuelling fears that US consumers will slash spending during the vital holiday season.
Banking and metal shares declined. Realty, auto and IT shares were in demand. Two index heavyweights Reliance Industries (RIL) and ICICI Bank edged lower. Mid-cap and small-cap stocks bucked the weak trend. But the market breadth was negative. 18 out of 30 stocks in the Sensex pack were in red.
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The 30-share BSE Sensex lost 119.81 points or 0.62 per cent to 19127.73. The Sensex hit a low of 19,019.33 in morning trade. At day's low, the Sensex shed 228.21 points.
India's largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 1.42 per cent to Rs2842.
India's largest private sector bank by assets ICICI Bank lost 2.18 per cent to Rs1132.40.
The BSE Bankex fell 0.90 per cent to 10,495.46. It underperformed the Sensex. Federal Bank fell 2.93 per cent to Rs324.25, Kotak Mahindra bank fell 1.70 per cent to Rs1122.35, Centurion bank of Punjab lost 1.48 per cent to Rs43.35 and HDFC Bank shed 0.68 per cent to Rs1632.45.
Telecom stocks declined. Bharti Airtel dropped 3.32 per cent to Rs916.50 and Reliance Communications fell 0.49 per cent to Rs684.55.
The BSE Auto index moved up 0.99 per cent to 5,348.21. It outperformed the Sensex. Ashok Leyland surged 16.65 per cent to Rs47.65, TVS Motors spurted 12.24 per cent to Rs70.15, Hindustan Motors soared 10.53 per cent to Rs41.45 and MRF jumped 9 per cent to 7377.10.
India's second largest software exporter by sales Infosys Technologies fell 0.03 per cent to Rs1575.80.
India's largest steel firm by sales Tata Steel fell 0.16 per cent to Rs847.60. The company may reportedly pick up a 35 per cent stake in its newly formed Mozambique joint venture for a consideration of Australian $100 million.