Stocks

Sensex dips below 17K on weak global cues

PTI Mumbai | Updated on November 15, 2011 Published on November 15, 2011

The Bombay Stock Exchange benchmark Sensex dipped below the 17,000 mark after three weeks, losing 236 points on sustained selling amid concerns over weak corporate earnings and subdued global markets.

The Sensex, which had lost over 450 points in the previous three sessions, fell further by 236.07 points or 1.38 per cent to 16,882.67. The gauge fell below the 17,000 level after October 24.

Similarly, the broad-based NSE index Nifty slipped below the 5,100 mark, losing 79.85 points or 1.55 per cent to 5,068.50.

A weak trend in the Asian region and lower opening in Europe due to lingering doubts over the euro zone debt crisis dampened the trading sentiment.

Brokers said below-expectation quarterly earnings by some leading companies and fears of high inflation keeping interest rates high remained major investor issues.

The decline was led by financial and interest rate sensitive stocks such as realty, auto and capital goods.

Two most heaviest counters, with 20 per cent weightage on the Sensex — Reliance Industries and Infosys — fell sharply on brisk selling. RIL tumbled 1.42 per cent and Infosys by 0.57 per cent.

Other losers included Bajaj Auto, DLF, HeroMotorCo, ICICI Bank, L&T, M&M, Maruti, SBI, Tata Steel and BHEL.

The realty sector index suffered the most by losing 5.22 per cent to 1,671.28, followed by capital goods index by 2.77 per cent to 10,208.85. Banking index lost 2.02 per cent to 10,436.22 and auto index by 1.65 per cent to 8,808.55.

Published on November 15, 2011
This article is closed for comments.
Please Email the Editor