Thursday, November 17, 2011

Sensex down by 188 points on persistent selling pressure

Mumbai, November 18, 2011(Tehelkanews)

The BSE benchmark Sensex slid by 188 points in morning trade today as investors succumbed to selling pressure in the wake of weak second quarter corporate earnings amid negative sentiment prevailing in markets worldwide.

The rapid withdrawal of foreign funds from the market also weighed on the trading sentiment. Foreign institutional investors (FIIs) sold shares worth Rs 195.20 crore yesterday, as per provisional data from the stock exchanges.

The 30—share Sensex resumed lower at 16,387.70 and dropped further to 16,240.01 before quoting at 16,273.95 at 1015 hours, a net fall of 187.76 points, or 1.14 per cent, from its previous close.

The NSE's 50—share Nifty index was also down, declining by 59.85 points, or 1.21 per cent, to 4,874.90 at 1015 hours.

The major losers in early trade were BHEL (down 4.15 per cent), Jaiprakash Associates (4.07 per cent), Tata Motors (3.20 per cent), Maruti Suzuki (3.07 per cent), Tata Steel (2.50 per cent), Hindalco Industries (2.48 per cent), ICICI Bank (2.46 per cent), M&M (2.24 per cent) and Reliance Industries (2.08 per cent).

Meanwhile, Asian stocks fell for the fourth straight day today, mired down by concerns about Europe's ongoing debt woes and a worrying Spanish bond auction. The key benchmark indices in China, Hong Kong, Japan, Indonesia, South Korea, Taiwan and Singapore were down by between 1.02 per cent and 1.77 per cent.

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