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Selling abates, sensex contains losses at 0.8%

Selling abates, sensex contains losses at 0.8%
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First Published: Tue, Aug 09 2011. 04 55 PM IST
Updated: Tue, Aug 09 2011. 04 55 PM IST
New Delhi: Indian stocks extended losses for the sixth consecutive session as investors, concerned about increasing uncertainty in the global macro environment, sold shares of companies that depend on overseas markets for majority of their revenues.
Indian shares did briefly turned positive in second half of the day as short covering and hopes that the US Federal Reserve might announce measures to strengthen the faltering economy lent some buying support. However, the negative sentiment in the global markets prevailed and fears that the global economy might be heading towards a painful slowdown sealed the day in favor of bears.
Sensex: 16,857 –0.78%
Nifty: 5,072 –0.89%
Information technology stocks continued to lose. Investors sold stocks of TCS, Infosys and Wipro on fears that continuing uncertainty in global economy might hit deal pipeline. Tata Steel and Tata Motors are the other two biggest losers.
Tata Steel: Rs 486 –4.9%
Tata Motors: Rs 795 –4.3%
TCS: Rs 967 –4.2%
Infosys: Rs 2,377 –3.7%
Mahindra & Mahindra, ITC, HDFC and DLF led the recovery in the Sensex stocks. Mahindra & Mahindra jumped 4.3% after the company on Monday reported a better-than-expected rise in June quarter profits. Read more...
Mahindra & Mahindra: Rs 694 +4.3%
ITC: Rs 199 +2.4%
DLF: Rs 200 +2.5%
HDFC: Rs 660 +2.0%
At the sectoral level, information technology, metals and healthcare stocks led the losses on the BSE. Except FMCG and auto, all BSE sectoral indices closed the day with losses.
BSE IT: 5,041 –3.5%
BSE Metal: 12,261 –2.7%
BSE Healthcare: 6,022 –2.5%
Investors bought select FMCG stocks on expectations that low commodity prices will help them post better margins.
Marico: Rs 162 +5.2%
Nestle India: Rs 4,221 +2.5%
Dabur India: Rs 104 +1.2%
Shares of PTC India surged as much as 5% after the company reported robust first quarter earnings. The company reported a 63% rise June quarter profits to Rs 45 crore.
PTC India: Rs 73 +4.9%
Overall, the breadth of the market continued to remain weak. About 68.58% of the stocks traded on the BSE closed the day with losses.
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First Published: Tue, Aug 09 2011. 04 55 PM IST
More Topics: Markets Update | BSE | NSE | Senex | Nifty |