Mumbai, Feb 27: The benchmark Sensex today greatly reduced the losses it posted after economic growth shrank to 5.3 per cent for the third quarter but failed to end in positive terrain as it closed down by over 60 points.
Domestic funds taking cues of advances in other Asian markets resorted to hectic buying towards the fag-end of trade helping the barometer recover most of the losses. Foreign Institutional Investors (FIIs), the main force behind market movements, however, continued their selling-spree.
The buying support was also aided by impressive earnings registered by Tata Steel.
Brokers said markets were jittery after economic growth contracted to 5.3 per cent for the December quarter which saw the bellwether index plunging by over 200 points at one time in the day. Investors’ concerns about global economic downturn impacting Indian economy were heightened by lower than anticipated growth, they added.
Indian economy has clocked the slowest quarterly growth in over five years at 5.3 per cent in October-December period of this fiscal. Meanwhile, some prominent Asian indices gained, while others ended in the red. While Nikkei and Hang Seng were up, Kospi and Straits Times index were down.
European markets resumed sharply lower by nearly two per cent. Banking shares attracted good buying support on anticipation of of cut in the key interest rates by the apex bank. The expectations are intense now as the latest inflation figure is down to 3.36 per cent, which experts said, giver RBI enough room to cut key rates.
Private sector ICICI Bank and HDFC Bank rose over 1 per cent, pushing up the sectoral index also by over 1 per cent.
FMCG and metal stocks also found buyers and their sectoral indicex ended higher though marginally.
Realty shares were under immense pressure which was reflected in their sectoral index which ended down by over 2 per cent, the biggest among all sectoral indices. Among Sensex pack, Grasim was the biggest loser at 5.99 per cent. Ranbaxy, which is in thick of a controversy after USFDA said the drug maker falsified patent data, suffered another hectic loss as it decline 4.80 per cent.
Wipro at 3.98 per cent, REL Infra at 3.71 per cent, ACC at 3.55 per cent, M&M at 3.38 per cent and ONGC at 3.37 per and Sterlite at 3.16 per cent were the other prominent losers. Tata Steel, which beat market forecast to post Rs 732.21 crore profit in the October-December quarter, gained 5.61 per cent. HDFC at 4.75 per cent was the other major gainer. Total market breadth was negative as 1,320 counter ended with losses against 1,043 that gained on the BSE. (PTI)
Domestic funds taking cues of advances in other Asian markets resorted to hectic buying towards the fag-end of trade helping the barometer recover most of the losses. Foreign Institutional Investors (FIIs), the main force behind market movements, however, continued their selling-spree.
The buying support was also aided by impressive earnings registered by Tata Steel.
Brokers said markets were jittery after economic growth contracted to 5.3 per cent for the December quarter which saw the bellwether index plunging by over 200 points at one time in the day. Investors’ concerns about global economic downturn impacting Indian economy were heightened by lower than anticipated growth, they added.
Indian economy has clocked the slowest quarterly growth in over five years at 5.3 per cent in October-December period of this fiscal. Meanwhile, some prominent Asian indices gained, while others ended in the red. While Nikkei and Hang Seng were up, Kospi and Straits Times index were down.
European markets resumed sharply lower by nearly two per cent. Banking shares attracted good buying support on anticipation of of cut in the key interest rates by the apex bank. The expectations are intense now as the latest inflation figure is down to 3.36 per cent, which experts said, giver RBI enough room to cut key rates.
Private sector ICICI Bank and HDFC Bank rose over 1 per cent, pushing up the sectoral index also by over 1 per cent.
FMCG and metal stocks also found buyers and their sectoral indicex ended higher though marginally.
Realty shares were under immense pressure which was reflected in their sectoral index which ended down by over 2 per cent, the biggest among all sectoral indices. Among Sensex pack, Grasim was the biggest loser at 5.99 per cent. Ranbaxy, which is in thick of a controversy after USFDA said the drug maker falsified patent data, suffered another hectic loss as it decline 4.80 per cent.
Wipro at 3.98 per cent, REL Infra at 3.71 per cent, ACC at 3.55 per cent, M&M at 3.38 per cent and ONGC at 3.37 per and Sterlite at 3.16 per cent were the other prominent losers. Tata Steel, which beat market forecast to post Rs 732.21 crore profit in the October-December quarter, gained 5.61 per cent. HDFC at 4.75 per cent was the other major gainer. Total market breadth was negative as 1,320 counter ended with losses against 1,043 that gained on the BSE. (PTI)
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