Sensex ends 164 points lower on weak global cues


Mumbai : After holding steady for most parts of the day, a benchmark index for Indian equities tanked during the last hour of trade Tuesday, ending 164 points lower on negative cues from European bourses.

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The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,760.6 points, shut shop at 16,617.1 points, 163.97 points or 0.98 percent down from its previous close at 16,781.07 points.

At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed at 4,990.15 points, down 0.87 percent from its previous close.

Broader markets indices were also in the negative, with the BSE midcap index ending 0.55 percent lower and the BSE smallcap index closing a similar 0.55 percent down.

The market moved in a tight band till around mid afternoon, rising at one stage to 16,895.73 points.

As the session progressed, it came under selling pressure as most European markets slid on growing concerns over the debt worries and fell to an intra-day low of 16,560.64 points.

Realty, metals, energy, telecom and banking stocks faced the bulk of the selling pressure. RIL and ICICI particularly added to the drag on the Sensex.

The major gainers were Tata Power, up 1.43 percent at Rs.1,242.20; Cipla, up 0.89 percent at Rs.324.25, HDFC, up 0.86 percent at Rs.2,700.55, and ITC, up 0.78 percent at Rs.289.70.

Prominent losers included Hindalco, down 5.81 percent at Rs.132.20, Reliance Communications down 4.69 percent at Rs.167.65, Bharti Airtel, down 3.77 percent at Rs.257.80, and ICICI Bank, down 3 percent at Rs.816.90.

In the UK, traders resorted to selling after credit rating agency Fitch said the country faced a “formidable” fiscal challenge. At the time of closing bell, the benchmark index FTSE 100 was ruling 0.98 percent lower at 5,019.61 points.

Its German peer the DAX was ruling 0.92 percent down at 5,850.79 points, while the French CAC 40 was in the red at 3,376.74 points, down 1.08 percent.

Earlier In Asia, sentiments remained uncertain. The Japanese Nikkei ended flat at 9,537.94 points, up 0.18 percent, while the Kospi closed with gains, up 0.82 percent at 1,651.48 points.

Hong Kong’s Hang Seng closed 0.56 percent up at 19,487.48 points, while the Shanghai composite index ended 0.09 percent higher at 2,513.95 points.