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Sensex ends 456 points lower

Sensex ends 456 points lower
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First Published: Fri, Jul 11 2008. 03 37 PM IST
Updated: Fri, Jul 11 2008. 03 37 PM IST
Surging inflation and a lower-than-expected industrial output data for May 2008 dampened sentiment with the benchmark index ending down 456 points or 3.3% to 13,469 levels.
In broader markets, the Nifty skidded 113 points to settle at 4,049 levels.
“The market was expected to be choppy in intra-day deals on the back of inflation and IIP data. We recommend buying on decline at around 4,050 - 4,030 levels for the Nifty,” said a technical analyst with Religare Securities.
In other economic news, inflation rose to 11.89% for the week ended 28 June on account of higher prices of essential food items and manufactured products like cement and edible oils.
Industrial growth tumbled to 3.8% in May against 10.6% a year-ago as manufacturing and electricity generation rose by a decelerated rate. Manufacturing witnessed a modest growth of 3.9% in during the period under review as against 11.3% a year-ago.
At the bourses, leading the pack of losers among the BSE-30 scrips was Jaiprakash Associates. The counter lost 8.5% or Rs15 by close. TCS Limited, Wipro, ONGC, Hindustan Unilever, HDFC, Reliance Industries, Satyam Computer and ITC Limited were some of the other notable losers.
Infosys Technologies that reported a net profit of Rs1,302 crore for Q1FY09 on 11 July, shed 7.2% to Rs1,676 levels. i-Flex Solutions, Aptech Limited, Moser Baer, Tech Mahindra and HCL Technologies also ended sharply lower.
Heavy sell-off was also visible in capital goods counters with Larsen and Toubro, Alstom Projects ending down 6.9% each. ABB Limited, Punj Lloyd, BEML, Siemens India, Suzlon Energy and BHEL were the other key losers.
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First Published: Fri, Jul 11 2008. 03 37 PM IST
More Topics: Markets | Stocks | Sensex | Nifty | BSE |