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Sensex down 339 points; auto stocks sink

Fri, Oct 10, 2014, 06:11 PM
Mumbai, Oct 10 : A day after it rebounded around 400 points, a benchmark index of Indian equities markets Friday fell 339 points or 1.28 percent, as automobile, metal and bank stocks plunged.

Heavy selling pressure was observed in capital goods, fast moving consumer durables (FMCG), consumer durable, oil and gas and healthcare stocks.

However, healthy buying was observed in information technology (IT) and technology, entertainment and media (TECK) scrip on the S&P Bombay Stock Exchange (BSE).

“Markets ended the week on a weak note with benchmarks falling by more than one percent,"

"The fall capped what was a very volatile week. Continuing concerns over global growth impacted the markets over the week and India was no exception. The lack of foreign flows resulted in subdued sentiments," said Dipen Shah, head- private client group research, Kotak Securities.

Going ahead, the quarterly results will dictate stock specific action.”

The 30-scrip Sensitive Index (Sensex) of the S&P BSE, which opened at 26,551.74 points, closed at 26,297.38 points, down 339.90 points or 1.28 percent from the previous day's close at 26,637.28 points.

The Sensex touched a high of 26,555.92 points and a low of 26,261.61 points in the intra-trade.

The S&P BSE automobile index was down 495.68 points, followed by metal index which was lower by 469.05 points. Bank index lost 323.63 points, capital goods index decreased by 210.78 points, consumer durable index fell 93.40 points and oil and gas index moved down by 56.68 points.

However, IT index was up 239.36 points, followed by TECK index index which gained 68.37 points.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) also closed in red. It fell 100.60 points or 1.26 percent at 7,859.95 points.

The major Sensex gainers were: HDFC, up 2.68 percent at Rs.3,888.95; BHEL, up 0.91 percent at Rs.220.85; Hero MotoCorp, up 0.83 percent at Rs.2,842.20; Reliance Industries, up 0.59 percent at Rs.960.30; and Sun Pharma, up 0.54 percent at Rs.818.80.

The losers were: Tata Motors, down 5.31 percent at Rs.492.35; Hindalco Inds, down 4.79 percent at Rs.150.20; Sesa Sterlite, down 4.60 percent at Rs.249.75; Tata Steel, down 4.30 percent at Rs.448.20; and Mahindra and Mahindra, down 3.59 percent at Rs.1,318.40.

Among the Asian markets, Japan's Nikkei closed 1.15 percent down, while Hong Kong's Hang Seng lost 1.80 percent. Shanghai Composite Index, was lower by 0.62 percent.

In Europe, London's FTSE 100 was trading 1.09 percent down. Germany's DAX Index, was lower by 1.87 percent, the French CAC 40 Index slipped by 0.42 percent at the closing bell here.
Agency: IANS

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