NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News  » Business » Sensex ends below 18,000

Sensex ends below 18,000

February 24, 2012 16:35 IST

BSEKey share indices extended losses for the third straight day on Friday, shrugging off firm global cues, dragged by oil shares on concerns of rising global crude oil prices. Other losers include capital goods and financial shares.

The 30-share Sensex ended below 18,000 levels at 17,924 down by 155 points or 0.9% and the 50-share Nifty ended at 5,429 down by 54 points or 1%.

The Sensex and the Nifty reached an intra-day low of 17,849 levels and 5,406 mark, respectively.

On the global front, Asian markets ended on a marginally higher note. Nikkei, Strait Times, Hang Seng, Taiwan, Kospi and Shanghai Composite have fallen between 0.1-1%.

The euro traded near 10-week high against the dollar and shares edged up as markets weighed the impact of rising oil prices on growth against signs of strength in the US and German economies.

CAC, DAX and FTSE have gained between 0.1-1%.

Back home, BSE Capital Goods index plunged by almost 3% each followed by sectors like Realty, Banks, Oil & Gas, PSU, Power and Auto, all declining between 1-2%.

HDFC declined by nearly 3% at Rs 700 after about 14.50 million shares of India's top mortgage lender, changed hands on the counter in block deals today.

According to media reports, Citigroup Inc which holds around 145 million shares, or a 9.9% stake, in the company sold its entire stake at an average market price of Rs 670 per share via block deals.

Among banking shares, SBI, ICICI Bank and HDFC Bank slumped between 1-2% on profit taking after recent gains on hopes of rate cut by the central bank as concerns over rising inflation eased. 

SBI fell after the Executive Committee of Central Board (ECCB) of the bank has fixed the issue price at Rs 2,191.69 per share for the proposed preferential issue to the government of India.

From the capital goods segment, stocks like L&T and BHEL plummeted between 3-4% after gains over the past few sessions.

L&T was the top Sensex loser.

Index heavyweight Reliance Industries fell by over 2%. ONGC slipped by nearly 2% after the stock gained post the government's announcement that it will divest stake in the exploration major through auction.

From the realty pack, DLF dropped by over 3%.

Auto shares like Hero MotoCorp and Tata Motors have slipped by nearly 1% each.

Other losers include Wipro, Cipla and NTPC, all declining by almost 1% each.

On the gaining side, Sterlite was the top Sensex gainer, up 4%.

The stock lost more than 13% in the last three trading sessions. Other Metal stocks like Coal India, Tata Steel, Jindal Steel and Hindalco gained between 0.4-1%.

The broader indices ended weak with BSE Midcap and Smallcap indices declining by nearly 1%.

The market breadth in BSE remained dismal with 1,822 shares declining and 1,082 advancing.


DB Realty crashed by almost 7%, falling 23% from Wednesday's intra-day high of Rs 102.50, after its partner in the telecom joint venture - Etisalat - said it would shut down the operations in India.

ABB dipped 6% on reporting 11.3% quarter-on-quarter drop in order flow at Rs 22,093 crore for the quarter ended December 2011 (Q4). The Indian arm of Swiss automation and power firm had bagged orders worth of Rs 24,926 crore in Q3.

Shasun Pharmaceuticals surged 8% on announcing fund raising plans by issue of equity shares to a private equity investor on preferential basis.

Videocon Industries rallied 4%, extending its yesterday's gain, on expectation of rising valuations of its Mozambique assets after Royal Dutch Shell Plc made a 992.4 million pounds ($1.6 billion) bid to buy Mozambique-focused Cove Energy.

Oracle Financial Services soared 16% on back of huge volumes.

For Rediff Realtime News on Sensex, click here

Surabhi Roy in Mumbai