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Sensex extends losses post 5% fall in Shanghai

This article was posted on Aug 19, 2009 and is filed under Market News

At 12:20 hours IST, the Sensex extended losses and came closer to Monday’s closing value. Today’s fall could be attributed to Shanghai, which lost over 5% after weak earnings and policy disappointment.

Maanshan Steel, China’s fourth largest listed steelmaker plunged 6.9% in Shanghai after reporting losses. Commodities also slipped. Base metals declined 2-3% and US dollar Index turned back above 79. China Key index was down 19% in past 2 weeks. Investors were disappointed because regulators failed to take any concrete steps to support the market. Crude also declined USD 1/bbl to USD 70.5/bbl.

All the sectoral indices were in the red. The BSE Oil & Gas, Realty, Auto, Bank, Metal and Capital Goods indices fell 2-3%. The Sensex lost 302 points, to 14,731 and the Nifty declined 91 points, to 4,367. Among the broader indices, the BSE Midcap slipped 1.7% and the Smallcap Index down 1%.

In the oil & gas space, HPCL, Reliance Industries, IOC, GAIL, BPCL and ONGC were down 1.8-3.8%. In the realty space, Unitech plunged 5%. HDIL, Orbit Corporation, Parsvnath, Indiabulls Real and DLF lost 1-3%.

Auto counters like Bharat Forge, Bajaj Auto, M&M, Tata Motors, Hero Honda, Ashok Leyland, Maruti Suzuki and Amtek Auto declined 1.5-5%. In the banking space, SBI went down 3.36%. ICICI Bank, Bank of Baroda, Axis Bank, PNB and HDFC Bank were down 1.6-2%.

In the metals space, Tata Steel, Jindal Saw, Sesa Goa, JSW Steel, Hindalco, SAIL, Jindal Steel and Sterlite Industries lost 1.6-3.8%. Capital Goods stocks like Punj Lloyd, Crompton Greaves, Suzlon Energy, Siemens, L&T and BHEL fell 1.7-2.8%. ABB was down 0.61%.

source: moneycontrol

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