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Sensex sheds 182 points, metal stocks lead downfall

Sensex sheds 182 points, metal stocks lead downfall
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First Published: Tue, Dec 18 2007. 04 33 PM IST
Updated: Tue, Dec 18 2007. 04 33 PM IST
Closing
Mumbai: Sensex fell for the fourth straight session today by losing nearly 182 points on heavy selling by foreign funds amid concerns of tight credit markets and fear of US housing slump derailing the economic growth.
The 30-share Sensex fell by 181.71 points to 19,079.64, after touching the day’s low of 19,009.35 and a high of 19,375.07 points.
Similarly, the wide National Stock Exchange index Nifty fell by 34.70 points to 5,742.30. It touched the day’s low of 5,710.60 and a high of 5,874.60 points.
A steep fall in metal stocks, led by Hindalco Industries and Hindustan Zinc after metal prices slid in London Metal Exchange, mainly pulled down the key indices.
Metal index fell the most by 246.87 points to 18,077.63 followed by capital goods index by 226.43 points to 18,902.71.
Copper for delivery in three months on the London Metal Exchange traded down 0.5% at 6,350 dollar a ton after closing 2.5% lower yesterday. Zinc and lead prices were falling with Chinese production increasing.
Bank index also lost 155 points at 10,764.22 and realty index by 44.78 points at 11,654.58 as profit selling at existing higher levels wiped off most the gains registered in recent past.
Afternoon
Mumbai: Sensex fell 106.26 points, or 0.6% to 19,155.09 as of 12:01 pm local time. The S&P/CNX Nifty Index on the National Stock Exchange slid 27.7 points, or 0.5% to 5,749.30.
Reliance, the country’s most valuable company, fell Rs12.6, or 0.5%, to 2,764.90. Larsen & Toubro, the nation’s largest engineering company, slid 113.1 rupees, or 2.8%, to 3,969 points.
February-delivery copper on the Shanghai Futures Exchange fell as much as 3.1%, or 1,680 yuan, to 53,200 yuan ($7,205) a tonne, and stood at 53,330 yuan at 1:57 pm local time. Agencies
Late Morning
Mumbai: Indian shares flipped between positive and negative in choppy trade on Tuesday, with investors worried by losses in global markets due to signs of slowing growth and rising inflation in the United States.
At 10:46 am, the benchmark BSE 30-share index was up 0.07%, or 13.60 points, at 19,274.95, with 17 components rising, after opening 0.4% up. It fell as much as 0.7% in early deals.
The index fell 3.84% on Monday, its biggest drop in four months. It is 6% below a record high of 20,498.11 points hit last Thursday.
“We are in a correction phase, which is mainly because of the turmoil in global markets,” said Viral Doshi, an independent market strategist.
“FIIs (foreign institutional investors) are selling open positions in the derivatives segment, and also there are not too many takers among the domestic investors at these levels.”
A slowdown in foreign fund flows at the end of the year has affected large-cap stocks, traders said.
Data showed the funds were net buyers of $101 million of shares on Friday, taking their net investment in Indian equities to $17.3 billion so far in 2007, the same as what it was at the end of October.
“So I think we will see such volatility continuing till the index goes to 19,000 level on the downside. It may also decline towards 18,000. And on the upside, I don’t see 20,000 being surpassed very soon,” Doshi said. Reuters
Opening
Mumbai: Sensex fell by 82 points in early morning trade today, after its initial rise by 92 points at the open, on emergence of profit booking.
The BSE-30 share index which had tumbled by 769 points yesterday, fell by 82.14 points to touch 19,179.21 in the first five minutes of trade.
Similarly, the wide-based National Stock Exchange’s Nifty fell by 33.50 points to 5,743.50.
Trading sentiment was influenced by weak global trend. Hong Kong market opened lower today, down 0.31%, after further fall at the Wall Street as the US economy faces inflation pressure even amid flagging growth. PTI
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First Published: Tue, Dec 18 2007. 04 33 PM IST
More Topics: Stocks | Shares | Markets | Sensex | Nifty |