Indian Markets close lower due to weak global cues; Repo rate cut fails to cheer
The benchmark indices ended with modest loss and were trading volatile throughout the session. The Sensex closed 81 points lower at 10,898 after hitting an intraday high of 11,068 and low of 10,764. The Nifty was down 12 points to settle at 3,365. It touched an intra-day high of 3,414 and low of 3,309. Among the broader indices the BSE Midcap Index was down 5 points while Smallcap Index shut at up at 17 points. The selling was seen in shares of major banking, capital goods, metal and auto companies and buying was witnessed in select telecom, reality and FMCG sectors. The market breadth was slightly weak and the volumes are on the lower side.
Movers & Shakers
The banking index slumped 2.9 %. The biggest losers in the banking sector were ICICI Bank, Bank of India and PNB, down over 4 % each.
The BSE auto index fell 2.5 %. Maruti Suzuki, Tata Motors, M&M and Hero Honda slipped 2-5.4%.
The realty index on the BSE ended 2.3 % higher and Anant Raj Industries, Orbit Corp, IBREL and HDIL were the biggest gainers in the pack. The stocks gained more than
5 % each.
The BSE capital goods index shed 2.4 %. Punj Lloyd slid 8.62%, as UK Adjudicator has ruled in favour of SABIC. Siemens, L&T and ABB were down 3.3-4.6%. BHEL was down 0.48%
The metal index dropped 1.8 %. Tata Steel plunged 7%. Sterlite, JSW Steel, Hind Zinc, Jindal Steel fell 1-4%.
In the Sensex pack Tata Steel was the top loser in the pack down 7 %. ICICI Bank, Maruti Suzuki and Tata Motors were the other main losers in the group. The stocks fell over 5 % each.
On the other hand, Bharti Airtel, Hindalco and Sun Pharma were the major gainers among the Sensex stocks up 3-4%.