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Wrap-up| Profit booking, weak global cues drag Indian stocks

Wrap-up| Profit booking, weak global cues drag Indian stocks
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First Published: Mon, Apr 18 2011. 05 33 PM IST
Updated: Mon, Apr 18 2011. 05 33 PM IST
R Sree Ram
Mumbai: Lack of positive cues and selling at higher levels led to a weak closing in Indian stocks on Monday. After a positive start, Indian stocks soon pared the gains registered in morning deals on concerns that corporate earnings growth might decelerate this financial year. Stock markets across Asia fell after China increased reserve requirements for banks. Investors are concerned that the liquidity tightening in China might curb economic growth.
By noon, weak opening in the European stock markets further deteriorated sentiment in the domestic stock markets. Stock markets in Europe opened weak on speculation that Greece might restructure its debt.
Sensex: 19,091 –1.53%
Nifty: 5,729 –1.64%
Stoxx 50: 2,884 –1.20%
FTSE 100: 5,946 –0.83%
All sectoral indices closed with losses on the BSE. Real estate, information technology and capital goods stocks led the losses. With another rate hike imminent in May, real estate stocks witnessed maximum selling pressure.
BSE Realty: 2,326 –3.48%
BSE IT: 6,087 –2.73%
BSE Capital Goods: 13,678 –2.15%
Weak results from Infosys Technologies continued to cast a shadow on IT stocks. Several brokerages downgraded the earnings estimates of Infosys Technologies. The weak outlook and concerns about valuations led to selling the IT stocks.
HCL Technologies: Rs 463 –3.84%
TCS: Rs 1,149 –3.43%
Tech Mahindra: Rs 707 –3.16%
Infosys Technologies: Rs 2,905 –2.80%
Liquidity tightening measures in major economies came as a jolt to the capital goods sector, which is already reeling under high input costs. Increasing interest rates and tight monetary policies in major economies is expected to curb inflows, thereby impacting investment climate in the domestic economy.
Thermax: Rs 660 –3.93%
Gammon India: Rs 117 –3.57%
Usha Martin: Rs 62 –3.25%
Praj Industries: Rs 75 –3.07%
Overall it was a bad for Indian stock markets. 60% of the stocks traded on the BSE closed the day with losses.
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First Published: Mon, Apr 18 2011. 05 33 PM IST
More Topics: Markets | India | Stocks | BSE | NSE |