Sensex plunges 229 points on weak European cues

Our BureauPTI Updated - October 08, 2012 at 06:48 PM.

Political and economic concerns in Greece and Spain saw the Nifty and the Sensex lose in excess on 1.2 per cent on Monday. The Nifty closed at 5676, down 71 points and the Sensex at 18708.98, down 229.48 points. All the indices on the NSE barring pharma were in the red. On the BSE, the BSE Healthcare index was the only one to close in the green.

"We expect stocks under our coverage (ex-banking / NBFCs) to report revenue growth of about 10.7% on a YoY basis," said Mr. Dipen Shah, Head - PCG Research, Kotak Securities. "Among sectors, FMCG, Cement, Oil and Gas, IT and Logistics are expected to propel growth. Revenues of IT companies are expected to be driven by volumes and the sharp rupee depreciation. Cement sector revenue would be mainly driven by higher cement prices prevailing during the quarter," he added.

Volatility was high and the India Vix closed at 17.17, up 2.32 per cent.

PTI adds:

RIL was the worst hit among 30—share Sensex today as it dropped 4.51 per cent. Hindalco (3.52%), Bhel (3.44%), L&T (3.09%), SBI (2.97%), Tata Motors (2.87%), Tata Power (2.5%) and Wipro (2.18%). Pharma stocks, however, bucked the trend.

In BSE, 1,515 stocks fell while nearly 1,383 scrips rose. M—cap fell by Rs 62,000 crore to Rs 65.71 lakh crore.

Globally, European stocks are trading over 1 per cent down on reports that World Bank has cut its East Asian growth forecast. Sentiments were also weak ahead of Eurozone finance ministers meeting shortly to discuss the region’s debt crisis.

Published on October 8, 2012 10:10