You are here:HomeMarket

Sensex falls for 6th day, Nifty below 5600

close

The BSE Sensex fell for the sixth straight day on the back of a sudden selloff in the last hour of trade on Friday. The Nifty shed over 1 per cent to close below the key support of 5,600.

The BSE Sensex ended 162 points lower at 18,309 while the Nifty declined 57 points to 5,574.

Indian stock markets have been under pressure tracking weak global cues and poor domestic macro data. Earlier this week, factory output data for September indicated a contraction in industrial activity. The trade deficit in October widened to $21 billion, India's worst on record according to Credit Suisse.

The headline inflation eased to an eight-month low in October, but RBI governor today said that inflation rate is still high, suggesting that the bank is unlikely to loosen monetary conditions anytime soon to support faltering growth.

The Winter Session of Parliament, starting next week, may throw up some cues for the markets now.

A weakness in global markets weighed on the domestic shares. Asian markets mostly ended lower while European stocks also traded in the red.

"There has been selling in large cap stocks, but I don't think some big change has happened. Overall the chart suggests that a decent up move is likely ... declines to 5,550-5,500 should be a buying opportunity," Shardul Kulkarni of Angel Broking said.

High beta realty stocks dropped 3.4 per cent. Banks and auto shares fell over 1.5 per cent cut. IT stocks were the only ones to end in the green, though they closed substantially off their highs.

On the Nifty, 43 of the 50 shares traded lower. Infra lender IDFC fell 3.4 per cent and was the top Nifty loser. Realty major DLF, PSU lender Punjab National Bank, private lender ICICI Bank and Reliance Infra ended 2.5-3 per cent lower.

Shares in Bharti Airtel gained 3.8 per cent, outperforming the broader markets. Bank of America Merrill Lynch has upgraded mobile carriers Bharti Airtel and Idea to "buy" from "neutral" on the back of positive outcome of the 2G auction. BofA has raised the target price on Bharti to Rs 340.

IT major Infosys and drug maker Dr Reddy's closed with over 2 per cent gains. State-run explorer ONGC, private steel and power producer JSPL, Coal India and drug maker Lupin were the other stocks that ended higher on the Nifty.

Broader markets:

Shares in L&T Finance Holdings saw profit booking and ended 3.1 per cent lower. The stock has seen strong gains on hopes that it will benefit from a fresh allocation of banking licences.

Kingfisher Airlines shares slumped 5 per cent, falling for the third straight day. Cash-strapped Kingfisher Airlines, which is yet to pay part of salaries to its employees, has sought more time to submit a comprehensive revival plan to the aviation regulator DGCA.

United Spirits shares fell 3.2 per cent after a downgrade to "sell" by UBS.

Story first published on: November 16, 2012 15:44 (IST)

Tags: BSE Sensex, Nifty

MORE FROM NDTV

FROM THE WEB

MORE FROM THE WEB
MORE FROM NDTV

For Profit Update,
Follow NDTV on Pinterest

Social Sharing

Advertisement

Advertisement

Portfolio
 

More From NDTV

More From the WEB

Don't Miss

Advertisement

Market Data provided by © Accord Fintech.
© Copyright NDTV Convergence Limited 2014. All rights reserved.