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Indian stocks fall on slowdown fears; Sensex down 1%

Indian stocks fall on slowdown fears; Sensex down 1%
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First Published: Tue, Aug 02 2011. 05 18 PM IST
Updated: Tue, Aug 02 2011. 05 18 PM IST
R Sree Ram
New Delhi: The US debt deal gains have fizzled out in no time as concerns about slowing economic activity came back to haunt equity investors. After gaining on Monday, Indian stocks fell on Tuesday as fears of slowing manufacturing activity resurfaced. While manufacturing growth in India fell to 20 month low, the data released by The Institute for Supply Management showed that industrial activity in the US grew at its slowest pace in two years. Read more...
Sensex: 18,109 –1.12%
Nifty: 5,456 –1.09%
JP Associates and Reliance Communications led the losses in Nifty shares. HCL Technologies, Infosys and Wipro lost over 1.9% each on renewed concerns about recovery in the global economy.
JP Associates: Rs 64 –5.0%
Reliance Communications: Rs 98 –3.8%
HCL Technologies: Rs 474 –2.5%
Infosys: Rs 2,752 –2.2%
Wipro: Rs 384 –2.0%
At the sectoral level, real estate, metals, banking and information technology stocks led the losses on the BSE. Except oil & gas and healthcare, all BSE sectoral indices closed the day with losses. Gains in ONGC and Reliance Industries helped the BSE oil & gas index close the day with gains.
BSE Realty: 2,007 –2.1%
BSE Metal: 13,587 –1.8%
BSE Bankex: 12,268 –1.7%
BSE IT: 5,797 –1.5%
BSE Oil & Gas: 8,873 +0.3%
The iron ore mining ban in Bellary district of Karnataka and the ongoing controversy over Lokayukta report continued to take its toll on metal stocks. All stocks in the BSE Metal index closed lower on fears of faltering demand and rising raw material costs. Read more...
JSW Steel: Rs 674 –3.0%
Sesa Goa: Rs 261 –2.7%
Jindal Saw: Rs 143 –2.6%
Sterlite Industries: Rs 154 –2.4%
Meanwhile, Indraprastha Gas stock surged 2.9% on robust first quarter results. The company on Monday reported a 40% rise in June quarter profits. Deutsche Bank has raised its target price for Indraprastha Gas stock to Rs 440 from Rs 405 citing higher volume growth, aggressive capacity addition and sustained pricing power in Delhi.
Indraprastha Gas: Rs 424 +2.9%
Overall, the breadth of market was weak with 67.72% of the stocks traded on the BSE closing with losses.
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First Published: Tue, Aug 02 2011. 05 18 PM IST
More Topics: Markets Update | India | BSE | NSE | Sensex |