Delhi MCD Election Results 2017

Source: media reports

Close: Markets erase gains to dip by 79 points

Close: Markets erase gains to dip by 79 points
Comment E-mail Print Share
First Published: Tue, Mar 17 2009. 10 15 AM IST
Updated: Tue, Mar 17 2009. 04 48 PM IST
New Delhi: The Bombay Stock Exchange benchmark Sensex erased gains even after touching the 9,000 mark to end 0.8% down on Tuesday as selling accelerated after negative opening of European markets.
Markets opened flat today, tracking dip in Wall Street based on alarm raised by American Express about increasing defaults in credit card payments.
But markets rebounded at noon, nudging up by more than 1% on strong cues from Asian markets and revival of global financial stocks as Barclays, Bank of America, Citigroup and JPMorgan Chase reported good start in 2009.
But banking stocks could not hold rise and spiraled leading the decline by 2%. State Bank of India lost the most in the sector, falling by 3.87% to Rs949.60 and HDFC Bank by 2.27% to Rs825.40. ICICI Bank made some gains, rising by 0.46% to Rs324.15.
Other segments that faced sell-off were IT, technology, oil and gas, consumer durable and realty. But some segments like auto, power, FMCG and metal lifted the market.
The 30-share index snapped out of its three-day gains to close lower by 79.72 points at 8,863.82 and even the NSE Nifty failed to hold its 2,800 level and ended down by 19.80 points at 2,757.45.
IT sector began the day positive but only to retreat as investors still feared that companies will spend less on technology during recession. Tata Consultancy Services was ahead among losers on the BSE pack, dropping by 4.31% to Rs497.40, Infosys Technologies by 1.76% to Rs1,265.55 and Wipro by 0.42% to Rs227.30.
Other losers were Jaiprakash Associates dipping by 3.75% to Rs74.35, Ranbaxy Laboratories by 2.03% to Rs144.95, Reliance Industries by 1.98% to Rs1,300.35, Housing Development and Finance by 1.77% to Rs1,364.05 and DLF Ltd by 1.76% to Rs159.10.
Auto segments were clearly the biggest gainers with Tata Motors leading the modest rally list from BSE, surging by 3.40% to Rs172.05, Maruti Suzuki by 1.55% to Rs709.70 and Mahindra and Mahindra 0.91% to Rs377.45.
In the global front, European markets got a chance to react to American Express news with banks performing the worst on their bourses. In Asia, bank stocks in Japan shrugged off Wall Street losses to advance Nikkei by 3.2% - its highest close in a month but in Hong Kong, Hang Seng was dragged by 0.8% by HSBC shares.
Comment E-mail Print Share
First Published: Tue, Mar 17 2009. 10 15 AM IST
More Topics: BSE | NSE | Sensex | Markets | Stocks |