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Wrap-up| Indian stocks sink on weak global cues

Wrap-up| Indian stocks sink on weak global cues
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First Published: Mon, May 23 2011. 06 24 PM IST
Updated: Mon, May 23 2011. 06 24 PM IST
New Delhi: The deepening debt crisis in Europe and lack of positive cues in the domestic economy led to a sell-off in Indians. While Fitch Ratings downgraded the Greece’s credit rating on Friday, S&P warned that it might lower Italy’s credit rating.
The continuing troubles in European debt markets spooked investors. This raised concerns about sustainability of the economic growth in the Euro region and led to selling in stock markets across the globe. Read more...
Sensex: 17,993 –1.82%
Nifty: 5,386 –1.82%
FTSE 100: 5,841 –1.80%
DAX: 7,124 –1.97%
Index heavyweight BHEL tanked by 7.6% after it recommended a 5% stake sale of the company’s paid-up equity capital. Sesa Goa lost as much as 4.5% on news that the Serious Fraud Investigation Office has submitted a report on financial irregularities at the company.
GAIL India, ITC, Ambuja Cements and Siemens are the only four stocks that closed the day with gains among the Nifty 50. ITC gained more than 1.8%. The company on Friday reported a 25% growth in March quarter profits.
BHEL: Rs 1,920 –7.60%
Sesa Goa: Rs 280 –4.49%
IDFC: Rs 131 –4.48%
Reliance Infrastructure: Rs 547 –3.80%
GAIL India: Rs 436 +2.30%
ITC: Rs 190 +1.85%
Except FMCG and Consumer Durables, all sectoral indices closed with losses on the BSE. Capital goods, power, banking, real estate and metal indices fell by more than 2% each. ITC and Dabur India are the only two stocks that closed with gains in BSE FMCG index.
BSE Capital Goods: 12,806 –2.95%
BSE Power: 2,499 –2.91%
BSE Bankex: 11,812 –2.85%
BSE Realty: 2,028 –2.79%
BSE FMCG: 3,784 +0.59%
The wave of negative sentiment led to a sharp sell-off in the capital goods stocks. Majority of the stocks in the BSE Capital Goods index closed with losses.
Suzlon Energy: Rs 48 –4.24%
Praj Industries: Rs 70 –4.81%
BGR Energy: Rs 458 –4.17%
Shares of Divis Laboratories, on the other hand, registered gains of more than 2% after the company reported robust March quarter earnings. Boosted by exports, the company reported a 35% growth in March quarter profits to Rs 175 crore. http://www.business-standard.com/india/news/divis-labs-q4-net3540-at-rs-175-cr/135915/on
Divis Laboratories: Rs 743 +2.19%
Overall, 68% of the shares traded on the BSE closed the day with losses.
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First Published: Mon, May 23 2011. 06 24 PM IST
More Topics: Markets Update | Stocks | BSE | NSE Sensex | Nifty |