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Sensex down 87 pts; mid-cap, small-cap segments gain

Sensex down 87 pts; mid-cap, small-cap segments gain
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First Published: Fri, Nov 16 2007. 05 39 PM IST
Updated: Fri, Nov 16 2007. 05 39 PM IST
Agencies
Closing
Mumbai: The Sensex closed 87 points down on 16 November amid weak global cues, but mid-cap and small-cap shares posted gains for the second day running.
In volatile trade, the BSEbenchmark dropped to the day’s low of 19,472.51 but showed resilience and recovered to 19,838.03 before ending the day at 19,698.36, a net fall of 86.53 points or 0.44% from previous close of 19,784.89.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) also closed 5.25 points or 0.09% lower at 5,906.85 from the previous close of 5,912.10.
Stocks of companies in capital goods and banking sectors suffered major falls in the market. BHEL fell by Rs36.60 to Rs2,786.55, ICICI Bank by Rs29.15 to Rs1,219.45 and HDFC Bank by Rs12.05 to Rs1,687.15.
Investors shifted attention to mid-cap and small-cap shares, which provide better investment opportunities, market players said.
It is a good sign that investors are now making purchases in these segments as prices of front-line stocks looked overextended, they said.
Hedge funds are also showing interest in registering with the market regulator as Foreign Institutional Investor (FII) rather than pulling out funds after Sebi’s restrictions on Participatory Notes, they added.
Asian and European indices remained weak in line with a fresh slide in the US stocks yesterday due to more financial and economic uncertainty. Asian indices ended down in a range of 1-4 per cent while European indices were subdued in early trade. PTI
Pre-noon update
Mumbai: Indian shares rebounded from an early fall and pulled into positive territory on Friday, led by Reliance Industries as investors focused on robust domestic growth.
But lenders such as ICICI Bank were lower as US credit woes rattled Asian markets and dampened sentiment for financials.
By 11:12am (0542 GMT), the Sensex was up 0.14% or 28.53 points at 19,813.42, with 17 components gaining. It had fallen to a low of 19,472.51 in early deals.
The index, which hit a series of record highs in the previous two months, has gained 26.4% since the US rate cut on 18 September that sparked heavy foreign inflows.
The benchmark has risen 44% in 2007 and is only 2.1% away from its life high of 20,238.16 hit on 30 October. Foreigners have bought shares worth $17 billion so far this year, well above a record $10.7 billion in all of 2005.
Reliance Industries, which has the heaviest weight in the BSE index, rose 1.8% to Rs2,923, but ICICI Bank fell 1.6% to Rs1,228.20.
The 50-share NSE index, Nifty, was up 0.5% at 5,942.10 points, after dropping to a low of 5,817.40 early. Reuters
Opening
Mumbai: The benchmark Sensex opened on 16 November with a wide downside gap of 182 points at 19,603.09 on weak global cues due to heightened fears about a slowdown in the US economy following further disclosures of credit and housing problems.
The Bombay Stock Exchange (BSE) barometer later fell to a low of 19,472.51, a loss of 312.38 points in the initial five minutes of trading from yesterday’s close of 19,784.89.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) dropped sharply by 94.70 points to a low of 5,817.40 from previous close of 5,912.10. PTI
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First Published: Fri, Nov 16 2007. 05 39 PM IST
More Topics: Stocks | BSE | Sensex | Nifty | National Stock Exchange |