×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

Wrap-up| Markets close weak on inflation, rate hike fears

Wrap-up| Markets close weak on inflation, rate hike fears
Comment E-mail Print Share
First Published: Mon, May 16 2011. 04 38 PM IST
Updated: Mon, May 16 2011. 04 39 PM IST
Mumbai: Indian shares fell on concerns that rising fuel prices might stoke inflation and force the central bank to further hike rates. On Sunday, the government allowed oil marketing companies to raise petrol prices by Rs 5. Read more...
Inflation in India is already at elevated levels. The wholesale price index in April rose by 8.66% from a year ago. While economists were expecting April prices to rise by around 8.40%, continuation of high inflation dampened sentiment on the street.
Stock markets in Asia and Europe also fell on concerns that Greece’s debt crisis might worsen. Read more...
Sensex: 18,345 –1.01%
Nifty: 5,499 –0.83%
Stoxx 50: 2,857 –1.29%
FTSE 100: 5,872 –0.89%
Interest rate sensitive stocks led the declines in the Nifty 50 shares. Stocks such as DLF, Bajaj Auto, Mahindra & Mahindra and Punjab National Bank lost over 2%.
JP Associates: Rs 84 –3.37%
DLF: Rs 225 –3.28%
Siemens: 847 –2.89%
Bajaj Auto: Rs 1,299 –2.81%
Real estate and banking stocks also fell on concerns that high interest rates might increase cost of funds and impact earnings of companies. However, buying in key stocks helped the BSE healthcare index close with gains.
BSE Realty: 2,145 –1.47%
BSE Metal: 15,180 –1.45%
BSE Bankex: 12,441 –1.18%
BSE FMCG: 3,764 –1.02%
BSE Healthcare: 6,206 +0.93%
The sharp rise in Glenmark Pharmaceuticals shares helped the BSE healthcare index close the day with notable gains. Shares of Glenmark Pharmaceuticals surged 11.54% after the company said it signed an out-licensing deal with France’s Sanofi to develop and market a monoclonal antibody molecule. Read more..
Glenmark Pharmaceuticals: Rs 305 +11.54%
Ranbaxy Laboratories: Rs 518 +5.49%
Sun Pharmaceuticals: Rs 439 +2.51%
Lupin: Rs 448 +1.99%
Overall, 59.9% of the shares traded on the BSE closed the day with losses.
Comment E-mail Print Share
First Published: Mon, May 16 2011. 04 38 PM IST
More Topics: Markets Update | Realty | Auto | Inflation | Stocks |