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Banks pull down Sensex

By BS Reporter
January 05, 2011 16:24 IST
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BSEFinancials led the losses in the markets for the second consecutive day. ICICI Bank, HDFC, HDFC Bank and SBI alone accounted for over 50% of the day's losses on the BSE benchmark index -- the Sensex.

While the Sensex shed 197 points at a close of 20,301, these four financial majors accounted for a loss of 113 points.

The NSE Nifty was down 66 points at 6,080. .In the broader markets, the midcaps and the smallcaps indexes were also down 1% each.

Taking cues from Asian and US markets, our markets opened in red. Among rate sensitive -- banking and realty exhibited weak movement from the word go itself.

The metal pack too faced selling pressure owing to fall a overnight in fall in base metal prices.

Accentuated selling in mid-noon trades, saw the Sensex tumble to a low of 20,245.

While select metal stocks recovered partially towards the close. The Bankex, auto and realty indices ended with losses of around 2% each.

Elsewhere in Asia, Taiwan Weighted dropped nearly 2% while Shanghai Composite, Nikkei and Seoul Composite lost between 0.1% and 0.5%.

On the other hand, Hang Seng, Jakarta Composite, KLSE Composite and Straits Times gained 0.2%-0.8%.

In tune with the negative sentiments in the international market, the Europeean indices opened in the negative.

CAC and DAX are down nearly 1% and FTSE has shed 0.8%.

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BS Reporter in Mumbai
Source: source

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