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Indian stocks fall on weak industrial growth and widening trade deficit

Indian stocks fall on weak industrial growth and widening trade deficit
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First Published: Fri, Jun 10 2011. 04 42 PM IST
Updated: Fri, Jun 10 2011. 04 42 PM IST
New Delhi: After subdued trading for most part of the week, Indian markets slipped further on Friday as weak IIP numbers pointed towards decelerating manufacturing activity.
According to the new data series, India’s industrial output rose 6.3% in April from a year ago. Under the old series, the number stood at 4.4%. According to Reuters, this is lower than an upwardly revised 7.8% growth in March and analysts’ estimates of 5.5% growth. Read more...
By noon the correction in stock markets deepened after reports said that India’s trade deficit rose 67% in May due to a surge in oil imports. This led to broad based selling in Indian stocks.
Sensex: 18,268 –0.63%
Nifty: 5,485 –0.64%
Majority of the Nifty 50 stocks closed the day with losses. Decelerating industrial output led to selling in industrial materials stocks like cement, steel and capital goods.
Grasim: Rs 2,223 –2.24%
DLF: Rs 230 –2.19%
Reliance Capital: Rs 531 –1.90%
Larsen & Toubro: Rs 1,694 –1.85%
At the sectoral level, capital goods, FMCG and real estate stocks led the losses on the BSE. Except consumer durables, all sectoral indices closed the day in losses.
BSE Capital Goods: 13,262 –1.08%
BSE FMCG: 3,861 –1.04%
BSE Realty: 2,144 –0.80%
Most of the capital goods stocks fell. Investors sold capital goods stocks on concerns that slowing industrial activity and high interest rates will impact order inflows.
BGR Energy: Rs 486 –1.39%
Praj Industries: Rs 72 –1.55%
Crompton Greaves: Rs 267 –1.26%
Meanwhile, shares of Shakti Pumps gained 1.7% on reports that the company placed around 8.77 lakh shares on preferential basis to IFCI Venture.
Shakti Pumps: Rs 61 +1.73%
Overall, 55.50% of the shares traded on the BSE closed the day with losses.
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First Published: Fri, Jun 10 2011. 04 42 PM IST
More Topics: Markets Update | BSE | NSE | Sensex | Nifty |