Sensex snaps 4-day gaining spree, down 186 points
21 Feb 2014 5:42 AM IST
A Chinese manufacturing index fell to the lowest level in seven months in February adding to challenges for the government which is grappling with risks to the financial system from trust defaults and soured loans.
The sensex resumed lower at 20,661.07 and dropped further to 20,522.04 before ending at 20,536.64, showing a loss of 186.33 points or 0.90 per cent. In last four sessions, it had spurted by 529.62 points or 2.62 per cent. The NSE 50-share Nifty also dropped by 61.30 points or 1.00 per cent to finish at 6,091.45.
Asian stocks ended lower as a private survey showed a faster-than-estimated drop in China's manufacturing in February. Key benchmark indices in China, Taiwan, Japan, Hong Kong, Singapore and South Korea finished lower by 0.07 per cent to 2.15 per cent.
European stocks were trading lower in their early trade as US Federal Reserve minutes signaled stimulus cuts will continue and as Chinese manufacturing shrank. Key indices in France, Germany and UK were trading lower by 0.41 per cent to 1.18 per cent.
US stocks closed lower on Wednesday after the minutes from the Federal Reserve's policy setting meeting revealed little consensus about when short-term rates would begin to rise. A larger-than-expected drop in home construction in January also weighed on the sentiment.
Turning to the local market, 24 scrips out of the 30- share sensex pack ended lower while remaning six finished higher.
Major losers from the sensex pack were ICICI Bank 2.15 per cent, Bharti Airtel 1.98 per cent, SBI 1.80 per cent, Tata Steel 1.80 per cent, HDFC 1.63 per cent, Hindalco Ind 1.52 per cent, ITC 1.52 per cent, Coal India 1.32 per cent, Gail India 1.29 per cent, M&M 1.16 per cent and Infosys 1.07 per cent.
However, Dr Reddy’s Lab rose by 1.82 per cent, Bajaj Auto 1.15 per cent and Tata Power 0.90 per cent.
Among the S&P BSE sectoral indices, Bankex dropped by 1.63 per cent followed by Metal 1.01 per cent, FMCG 0.91 per cent, Refinery 0.89 per cent, Teck 0.66 per cent and IT 0.71 per cent.
Meanwhile, foreign institutional investors bought shares worth Rs 468.47 crore on Wednesday, as per provisional data from stock exchanges.
Market breadth turned negative as 1,480 stocks ended in the red, 1,192 stocks finished in green and 148 ruled steady. The total turnover rose to Rs 1,807.71 crore from Rs 1,676.81 crore on Wednesday.
The sensex resumed lower at 20,661.07 and dropped further to 20,522.04 before ending at 20,536.64, showing a loss of 186.33 points or 0.90 per cent. In last four sessions, it had spurted by 529.62 points or 2.62 per cent. The NSE 50-share Nifty also dropped by 61.30 points or 1.00 per cent to finish at 6,091.45.
Asian stocks ended lower as a private survey showed a faster-than-estimated drop in China's manufacturing in February. Key benchmark indices in China, Taiwan, Japan, Hong Kong, Singapore and South Korea finished lower by 0.07 per cent to 2.15 per cent.
European stocks were trading lower in their early trade as US Federal Reserve minutes signaled stimulus cuts will continue and as Chinese manufacturing shrank. Key indices in France, Germany and UK were trading lower by 0.41 per cent to 1.18 per cent.
US stocks closed lower on Wednesday after the minutes from the Federal Reserve's policy setting meeting revealed little consensus about when short-term rates would begin to rise. A larger-than-expected drop in home construction in January also weighed on the sentiment.
Turning to the local market, 24 scrips out of the 30- share sensex pack ended lower while remaning six finished higher.
Major losers from the sensex pack were ICICI Bank 2.15 per cent, Bharti Airtel 1.98 per cent, SBI 1.80 per cent, Tata Steel 1.80 per cent, HDFC 1.63 per cent, Hindalco Ind 1.52 per cent, ITC 1.52 per cent, Coal India 1.32 per cent, Gail India 1.29 per cent, M&M 1.16 per cent and Infosys 1.07 per cent.
However, Dr Reddy’s Lab rose by 1.82 per cent, Bajaj Auto 1.15 per cent and Tata Power 0.90 per cent.
Among the S&P BSE sectoral indices, Bankex dropped by 1.63 per cent followed by Metal 1.01 per cent, FMCG 0.91 per cent, Refinery 0.89 per cent, Teck 0.66 per cent and IT 0.71 per cent.
Meanwhile, foreign institutional investors bought shares worth Rs 468.47 crore on Wednesday, as per provisional data from stock exchanges.
Market breadth turned negative as 1,480 stocks ended in the red, 1,192 stocks finished in green and 148 ruled steady. The total turnover rose to Rs 1,807.71 crore from Rs 1,676.81 crore on Wednesday.
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