Sensex slips 213.97 points following global cues

Mumbai  : A benchmark index of Indian equities market Wednesday closed 1.12 percent or 213.97 points down as global markets also fell drastically following the World Bank reducing growth forecasts this year.

The World Bank forecast deeper recession in Europe and economic slowdown in China and India. It downgraded the global economic growth outlook from 2.4 percent to 2.2 percent.

There was heavy selling pressure in sectors like auto, healthcare, public sector units (PSUs), banking index (bankex) and IT. The only index which inched up was consumer durables.

The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 18897.49 points, closed at 18827.16 points, down 213.97 points or 1.12 percent from its previous day’s close at 19041.13 points.

The Sensex touched a high of 18914.13 points and a low of 18765.53 points in intra-day trade.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) ended 0.88 percent or 50.85 points down at 5,709.35 points.

The S&P BSE auto index tanked 247.23 points, the healthcare index dipped 159.46 points, the PSU index slipped 108.39 points, the bankex slid 160.41 points and IT went down by 101.03 points. However, the consumer durables index moved up by 97.05 points.

The prominent Sensex gainers were: Hindalco Industries, up 4.82 percent at Rs.96.85; Bharti Airtel, up 3.47 percent, at Rs.287.60 and Jindal Steel, up 0.55 percent at Rs.236.25.

The prominent Sensex losers were: Tata Motors, down 3.50 percent at Rs.283.00; Mahindra & Mahindra, down 3.25 percent at Rs.922.90; Sun Pharma, down 3.22 percent at Rs.949.45; Tata Steel, down 2.92 percent at Rs.266.15; Gail India, down 2.70 percent at Rs.296.90; Tata Power, down 2.50 percent at Rs.78.05 and BHEL, down 2.37 percent at Rs.175.

Among other Asian markets, the Japanese Nikkei was down down by 6.35 percent; Chinese Hang Seng slipped 2.19 percent, the Korean KOSPI dipped 1.42 percent and Straits Times Index of Singapore slipped 0.72 percent.

At the closing bell here, the British FTSE 100 was trading 0.86 percent down; the German DAX was down 1.31 percent and the French CAC 40 Index was 0.51 percent down.

Photo  : AFP