Sensex dips for 4th straight day, down 157 points to 2-week low
9 Nov 2013 7:44 PM GMT
Global instability weighed on the local bourses as the benchmark BSE S&P Sensex on Friday tumbled by 157 points to end at almost two week low of 20,666.15 on expectations that the US Federal Reserve could start to roll back its stimulus sooner than expected after early reading of better Q3 growth, extending losses for the fourth day. Consumer durable, banking and refinery stocks were at the receiving end while realty and capital goods shares attracted good buying support.
Asian as well as European markets showed weak trend on Friday after fall on Wall Street on Thursday following hopes that the US Federal Reserve might reduce its monetary stimulus for the economy sooner than expected due to initial signs of strength in the economy. As a result, cautious investors went on profit-booking leading to fall in world stocks, including India.
The BSE 30-share barometer resumed lower and remained in negative terrain throughout the day to settle at 20,666.15, showing a fall of 156.62 points (0.75 per cent). In straight four days, it has plunged by 573.21 points or (2.7 per cent). The wide-based CNX Nifty of the NSE also dropped by 46.50 points (0.75 per cent) to end at a two-week low of 6,140.75.
Fall in heavyweights like HDFC, HDFC Bank, RIL, TCS, ONGC, M&M and Bajaj Auto mainly put pressure on the market while L&T, Tata Motors and Tata steel closed with smart gains. From the banking segment, PNB slumped by 4.21 per cent after announcing a 52.56 per cent drop in the Q2 net profit while UCO Bank shot up by 5.28 per cent as it showed four fold rise in net profit of second quarter. Asian stocks ended lower, after faster US economic growth fuelled concern that the Federal Reserve may reduce monetary stimulus for the American economy sooner than expected. Key benchmark indices in Singapore, China, Japan, Hong Kong, Taiwan and South Korea shed 0.60 to 1.09 per cent.
European stocks were also trading in their early trade as Standard & Poor’s cut France’s credit rating and investors awaited data on American jobs. Key indices in France, Germany and UK eased by 0.31 to 0.81 per cent.
Asian as well as European markets showed weak trend on Friday after fall on Wall Street on Thursday following hopes that the US Federal Reserve might reduce its monetary stimulus for the economy sooner than expected due to initial signs of strength in the economy. As a result, cautious investors went on profit-booking leading to fall in world stocks, including India.
The BSE 30-share barometer resumed lower and remained in negative terrain throughout the day to settle at 20,666.15, showing a fall of 156.62 points (0.75 per cent). In straight four days, it has plunged by 573.21 points or (2.7 per cent). The wide-based CNX Nifty of the NSE also dropped by 46.50 points (0.75 per cent) to end at a two-week low of 6,140.75.
Fall in heavyweights like HDFC, HDFC Bank, RIL, TCS, ONGC, M&M and Bajaj Auto mainly put pressure on the market while L&T, Tata Motors and Tata steel closed with smart gains. From the banking segment, PNB slumped by 4.21 per cent after announcing a 52.56 per cent drop in the Q2 net profit while UCO Bank shot up by 5.28 per cent as it showed four fold rise in net profit of second quarter. Asian stocks ended lower, after faster US economic growth fuelled concern that the Federal Reserve may reduce monetary stimulus for the American economy sooner than expected. Key benchmark indices in Singapore, China, Japan, Hong Kong, Taiwan and South Korea shed 0.60 to 1.09 per cent.
European stocks were also trading in their early trade as Standard & Poor’s cut France’s credit rating and investors awaited data on American jobs. Key indices in France, Germany and UK eased by 0.31 to 0.81 per cent.
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