Sensex trims initial losses, still down 122 points on weak IIP data

Dec 13 2013, 11:46 IST
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BSE Sensex dropped 246 points to close below the 21,000 level on Thursday. BSE Sensex dropped 246 points to close below the 21,000 level on Thursday.
SummarySensex had lost 400.81 points in the previous three sessions.

The benchmark BSE Sensex trimmed its initial losses but was still lower by 122 points in morning trade today on persistent selling following a sharp spike in consumer price inflation in November and a worse-than-expected contraction in industrial production in October.

Shares of banking, capital goods, power, refinery and realty sectors declined on heavy selling pressure.

The BSE-30 share index, Sensex, resumed lower at 20,867.18 and dropped further to 20,762.36 before quoting at 20,803.73 points at 1030 hours.

It showed a loss of 121.88 points of 0.58 per cent from its last close.

The NSE 50-share index Nifty also moved down by 42.70 points or 0.68 per cent to 6,194.35 at 1030 hours.

Major losers were - Bharat Heavy Electricals Ltd (BHEL) (2.66 pct), ICICI Bank (2.65 pct), Housing Development Finance Corporation Ltd (HDFC) (1.70 pct), Larsen & Toubro (1.44 pct), NTPC (1.29 pct), State Bank of India (SBI) (1.18 pct), Tata Power Ltd(1.18 pct), Bajaj Auto (1.15 pct) and Hero MotoCorp (1.05 pct).

However, Tata Motors firmed up by 2.50 pct, Wipro 1.44 pct and Coal India 1.39 pct.

Most Asian stocks reversed initial losses in their early trade.

Key benchmark indices in China, Hong Kong, Taiwan and Japan rose 0.03 to 0.72 per cent while indices in South Korea, Indonesia and Singapore were off 0.19 to 0.46 per cent.

US stocks fell for the third day yesterday sending the Standard & Poor's 500 Index to a one-month low, as improving economic data spurred speculation that the Federal Reserve will cut stimulus earlier than expected.

Sensex opening

Continuing its losing streak for the fourth straight day, the benchmark BSE Sensex today fell by over 163 points in early trade on sustained selling by funds and retail investors amid weak industrial output data for October and jump in retail inflation.

he 30-share index which had lost 400.81 points in the previous three sessions, moved further down by 163.25 points, or 0.78 per cent, to 20,872.36 with banking, capital goods, realty, oil and gas and power sector stocks retreating.

The wide-based National Stock Exchange index Nifty fell 51.80 points, or 0.83 per cent, to 6,185.25.

Brokers said sentiments turned distinctly weak as Industrial production entered the negative territory after three months, contracting by 1.8 per

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