ID :
99745
Wed, 01/13/2010 - 08:20
Auther :
Shortlink :
https://www.oananews.org//node/99745
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Sensex down for fourth day; realty, bank stocks worst hit
Mumbai, Jan 12 (PTI) Belying all expectations, a better-
than-expected industrial growth for November and promising
third quarter earnings by trend-setter Infosys failed to cheer
the markets and the benchmark Sensex on Tuesday closed down by
over 100 points.
After opening higher, the 30-share Sensex fell by 104.20
points to 17,422.51 to settle the day. It dipped to day's low
17,392.55 but managed to recover some of the losses.
Brokers said markets were weighed down by heavy selling
in banking stocks after State Bank of India Chairman O P Bhatt
on Monday warned that banking system could come under strain
due to rising bad loans. Interest rate sensitive realty stocks
took a heavy beating. Besides, metals shares also came under
intense pressure.
They said anticipation of immediate hike in interest
rate also worried investors. Reatly stocks were particularly
hit because credit flows could be squeezed to the sector in
view of rising defaults in bank loans, they added.
The key index has lost lost nearly 175 points in last
three trading sessions.
The National Stock Exchange index Nifty also dropped
39.00 points to 5,210.40, after moving between 5,300.50 and
5,200.95 points during the session.
Marketmen said a mixed Asian trend and lower opening in
European stocks also partly influenced the sentiment.
The realty sector index suffered the most by losing 3.10
per cent to 4,048.47, followed by metal index at 2.30 per cent
to 17,789.47.
The banking index fell 1.96 per cent to 9,967.18 after
SBI, the biggest lender, slid Rs 64.30 to Rs 2,203.25, on
reports the industrial production grew at the fastest pace in
25 months, giving policy makers room to start withdrawing last
year’s record interest-rate cuts. ICICI Bank, a largest
private bank fell by Rs 26.80 to Rs 842.20.
However, gains in two heavyweights -- Reliance Industries
and Infosys Technologies - saved the market from any major
fall. Both carry a 24 per cent weightage on the Sensex.
Infosys gained Rs 98.90 to Rs 2,587.45 after the country's
second largest software company reported better-than-expected
2.7 per cent sequential growth in net profit at Rs 1,582 crore
in the third quarter.
Tata Consultancy Services rose by Rs 34.85 to Rs 749.10
and Wipro by Rs 32.35 to Rs 694.55. PTI RS
MYR
than-expected industrial growth for November and promising
third quarter earnings by trend-setter Infosys failed to cheer
the markets and the benchmark Sensex on Tuesday closed down by
over 100 points.
After opening higher, the 30-share Sensex fell by 104.20
points to 17,422.51 to settle the day. It dipped to day's low
17,392.55 but managed to recover some of the losses.
Brokers said markets were weighed down by heavy selling
in banking stocks after State Bank of India Chairman O P Bhatt
on Monday warned that banking system could come under strain
due to rising bad loans. Interest rate sensitive realty stocks
took a heavy beating. Besides, metals shares also came under
intense pressure.
They said anticipation of immediate hike in interest
rate also worried investors. Reatly stocks were particularly
hit because credit flows could be squeezed to the sector in
view of rising defaults in bank loans, they added.
The key index has lost lost nearly 175 points in last
three trading sessions.
The National Stock Exchange index Nifty also dropped
39.00 points to 5,210.40, after moving between 5,300.50 and
5,200.95 points during the session.
Marketmen said a mixed Asian trend and lower opening in
European stocks also partly influenced the sentiment.
The realty sector index suffered the most by losing 3.10
per cent to 4,048.47, followed by metal index at 2.30 per cent
to 17,789.47.
The banking index fell 1.96 per cent to 9,967.18 after
SBI, the biggest lender, slid Rs 64.30 to Rs 2,203.25, on
reports the industrial production grew at the fastest pace in
25 months, giving policy makers room to start withdrawing last
year’s record interest-rate cuts. ICICI Bank, a largest
private bank fell by Rs 26.80 to Rs 842.20.
However, gains in two heavyweights -- Reliance Industries
and Infosys Technologies - saved the market from any major
fall. Both carry a 24 per cent weightage on the Sensex.
Infosys gained Rs 98.90 to Rs 2,587.45 after the country's
second largest software company reported better-than-expected
2.7 per cent sequential growth in net profit at Rs 1,582 crore
in the third quarter.
Tata Consultancy Services rose by Rs 34.85 to Rs 749.10
and Wipro by Rs 32.35 to Rs 694.55. PTI RS
MYR
