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Close: Low GDP drags Sensex by 0.7%, banks recover

Close: Low GDP drags Sensex by 0.7%, banks recover
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First Published: Sat, Feb 28 2009. 12 27 AM IST
Updated: Sat, Feb 28 2009. 12 27 AM IST
New Delhi: Markets continued to trade low under selling pressure but recovered some of the day’s lows to end 0.71% down. The Bombay Stock Exchange benchmark Sensex slid as investors off-loaded stocks on low GDP rate and weakening rupee.
The government today released India’s GDP for third-quarter ended 31 December, 2008 - economy grew by only 5.3% against 7.6% (QoQ) and 8.9%(YoY). It is touted as the slowest economic growth in over five years.
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In addition the domestic currency suffered a sharp decline with convertible rate of almost Rs52/ dollar, hence flaming worries that foreign funds may divert from buying stocks in India.
Baking and FMCG sectors regained by 1.6% and 0.14% respectively but other indices traded in red with realty and oil and gas losing the most at 2.9% and 2% each.
Markets opened in negative today as investors waited for GDP numbers before buying fresh positions. The 30-share BSE index then tumbled by 260 points in session after noon but recovered to close at 8,891.61 or 63.25 points down and 50-share NSE Nifty ended 22 points lower at 2,763.65.
Tata Steel surged on the BSE index by 5.6% to Rs172.35 after the company announced better than expected quarterly results.
Other gainers were Housing Development and Finance Corp by 4.75% to Rs1,269.20, HDFC Bank by 1.35% to Rs884.8, ICICI Bank by 1.03% to Rs328.10, Hindustan Unilever by 0.30% to Rs253.80, State Bank of India by 0.29% to Rs1,027.10 and Larsen & Toubro by 0.11% to Rs611.45.
Ranbaxy Laboratories was one of the top loser, fell by 4.80% at Rs161.80. Stockholders reacted to charges of data falsification levied on the company by the US Food and Drug Administration (USFDA).
Grasim Industries led the decline by 5.99% at Rs1,371.50, followed by Wipro by 3.98% at Rs207.35, Reliance Infra by 3.71% at Rs490.60, ACC Ltd by 3.55% at Rs539.80, Mahindra and Mahindra by 3.38% at Rs309.90 and ONGC by 3.37% at Rs691.15.
Also there was not much positive indication from global markets – European markets opened negative as pharma stocks tumbled on Obama’s stringent healthcare plans. Japan’s stocks gained 1.5% with a brief boost to banks but Hang Seng fell by 0.7% on Wall Street loss.
Video by Vaishali Jain
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First Published: Sat, Feb 28 2009. 12 27 AM IST
More Topics: BSE | NSE | Sensex | Markets | Stocks |