By IANS,
Mumbai: A benchmark index for Indian equities markets Friday closed 169 points lower as poor industrial numbers for September weighed on investors and banking stocks continued to loose after the industry’s recent downgrade by Moody’s.
The 30-scrip sensitive index (Sensex) of the BSE, which opened lower at 17,187.89 points, closed at 17,192.82 points, down 169.28 points or 0.97 percent from its previous close at 17,362.1 points.
It had slipped over 265 points around noon.
India’s industrial output fell sharply in September at 1.9 percent official data showed Friday, growing the slowest in over two years as rising interest rates and a slump in investments started to bite.
The 50-scrip S&P CNX Nifty of the National Stock Exchange also ended lower at 5,168.85 points, down 52.2 points or 1 percent.
“On Friday, markets were lower on the back of continued concerns on Europe and the lower-than-expected IIP numbers. European concerns continued to impact global markets over the week with Italy being the new focus area,” said Dipen Shah, Head-Fundamental Research, Kotak Securities.
Broader markets also closed lower with the BSE 500 index ending 1.05 percent down. The BSE midcap index ended 1.13 percent lower while the BSE smallcap index slipped 1.57 percent.
The market breadth at the BSE was negative with 937 stocks advancing and 1,912 scrips declining, while 112 remained unchanged.
The prominent Sensex gainers included M&M, up 3.12 percent at Rs.838.40; RIL, up 2.23 percent at Rs.883.85; Hero MotoCorp, up 1.85 percent at Rs.2,173.55 and Wipro, up 1.35 percent at Rs.381.70.
Banking stocks continued to loose with the Moody’s downgrade of major Indian banks weighing on investor’s minds. The index for the sector fell 3.03 percent Friday.
The losers on the benchmark were: ICICI Bank, down 4.55 percent at Rs.822.50; Tata Steel, down 4.19 percent at Rs.430; SBI, down 3.48 percent at Rs.1,797.65 and L&T, down 3.3 percent at Rs.1,330.65.
Asian markets rose earlier on signs of progress in dealing with the European debt crisis, as Italy managed a successful bond sale and seemed closer in appointing a new leader after Prime Minister Prime Minister Silvio Berlusconi resigned.
Also, Greece appointing Lucas Papademos, a respected economist, as its new prime minister raised hopes that debt-ridden Euro zone economies may be able to tide over their financial problems.
Investors, however, also booked some profits after stocks rose earlier in Asia. The Japanese Nikkei closed 0.16 percent up at 8,514.47 points, while Hong Kong’s Hang Seng ended 0.91 percent higher at 19,137.17 points.
The Chinese Shanghai composite index closed flat at 2,481.08 points.
European markets too rose with investors taking hope from the political developments in Italy and Greece.
Britain’s FTSE was ruling 0.49 percent higher at 5,471.29 points, while the German DAX was trading 0.91 percent up.
The French CAC 40 was ruling 0.63 percent up at 3,084.29 points.