Markets correct, Sensex closes below 18,000

By IANS,

Mumbai : Selling pressure built up late at Indian equities markets, pushing a benchmark index 227 points down Friday, below the 18,000-level. The correction in the market was broad-based with analysts expecting further downtrend in the coming days.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,205.9 points, closed at 17,998.41 points (provisional), 227.94 points or 1.25 percent down from its previous close at 18,226.35 points.

At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut shop 1.26 percent in the red at 5,408.7 points.

Broader markets indices also gave up earlier gains. The BSE midcap index ended 0.95 percent down and the BSE smallcap index closed 1.3 percent lower.

Realty, IT, banking and telecom scrips lost the most.

The market breadth was negative with 889 scrips advancing, compared to 2,074 stocks declining and 96 remaining unchanged.

There were only four gainers on the Sensex: ONGC, up 2.87 percent at Rs.1,317.65; Tata Steel, up 1.65 percent at Rs.510.15; Reliance Com, up 0.41 percent at Rs.160.55 and ACC, up 0.29 percent at Rs.870.55.

The losers included DLF, down 3.3 percent at Rs.307.60; Hero Honda, down 3.18 percent at Rs.1,785; ICICI Bank, down 2.84 percent at Rs.958.10 and Tata Power, down 2.55 percent at Rs.1,236.20.

According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors bought scrips worth $33.46 million Friday.

Other major Asian bourses saw moderate gains with investors keenly watching on the US central bank's opinion on the state of the economic recovery.

The Japanese Nikkei closed 0.95 percent up at 8,991.06 points.

The Chinese Shanghai Composite index ended 0.28 percent higher at 2,610.74 points, while Hong Kong's Hang Seng closed flat.

After a weak start, European markets crawled up soon after closing bell here, though release of the Federal Reserve data weighed heavy on investor minds.

At the closing bell here, the FTSE 100 was trading 0.56 percent higher at 5,138.23 points, while the German DAX was ruling 0.26 percent up at 5,914.88 points.

The French CAC 40 was trading 0.45 percent higher at 3,465.68 points.