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Markets start weak with negative bias

December 21, 2009

Indian equities markets started off the week on a disappointing note with the benchmark index losing 118 points on a choppy trading day Monday.

Capital goods, metals and auto stocks acted as a drag, with Indian bourses reflecting some of the weakened sentiments at other Asian markets.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) — which opened at 16,724.84 points — shut shop at 16,601.2 points, down 118.63 points or 0.71 percent from its previous close at 16,719.83 points.

At the National Stock Exchange (NSE), the broader 50-stock S&P CNX Nifty, too, closed in the red at 4,952.6 points, against the previous close at 4,987.7 points, a loss of 0.7 percent or 35.1 points.

Broader market indices, also gave up their gains with the BSE midcap index down 0.46 percent and the BSE small cap index ending 0.15 percent lower.

The market breadth was tilted towards the negative, with 1,270 stocks advancing, 1,544 scrips declining and 80 remaining unchanged.

Majority of the heavyweight stocks on the 30 scrip Sensex ended in the red. Among the top losers were Hindalco, down 4.02 percent at Rs.137.15; M&M, down 3.2 percent at Rs.1,020.50; Jaiprakash Associates, down 2.55 percent at Rs.143.55; and L&T, down 2.38 percent at Rs.1,609.35.

Among the top gainers were TCS, up 0.74 percent at Rs.732.85; RIL, up 0.6 percent at Rs.1,016.55; Wipro, up 0.59 percent at Rs.679; and NTPC, up 0.53 percent at Rs.208.15.

Trading at other Asian markets was mixed with the benchmark Japanese index, the Nikkei, closing 0.41 percent or 41.42 points up at 10,183.47 points backed by gains in technology stocks. At this level it was at its eight-week closing high.

In China, realty shares helped the Shanghai composite index shut shop 0.29 percent higher at 3,122.97 points.

However, the Hang Seng, a key index of the Hong Kong Stock Exchange, ended the lowest in about two and a half months at 20,948.1 points, 1.08 percent or 227.78 points down from its last close.

The Kospi, the benchmark index of the Korean Stock Exchange, too, was down 0.17 percent or 2.81 points at 1,644.23 points.

European markets ended their two-day losing streak as banking stocks, which got hammered last week over central banks mulling tougher capital regulations, recovered. Energy scrips, too, gained as crude prices steadied.

The FTSE 100 index, benchmark index of the London Stock Exchange, was ruling 0.94 percent higher at 5,245.42 points.

The French index, CAC 40, was 0.51 percent up at 3,813.83 points, while its German peer, the DAX, was trading 0.58 percent higher at 5,864.19 points.

Categories: Business
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