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Post-market: Markets down for 7th day; Sensex closes 90 points lower
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Friday, November 18, 2011 |
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| November 18, 2011 | 5:30 PM | Markets down for 7th day; Sensex closes 90 points lower The Indian markets erased more than half of its losses in late trade helped by European stocks and short covering. The Sensex fell 90 points and the Nifty slid 29 points | | | | | | Major headlines | For more news.....Click Here | Indian indices There was no change in the market's mood even today and remained nervous on lingering concerns over worsening euro zone debt crisis and its impact on the global economy. After remaining under pressure for major part of the session, the Indian markets trimmed more than half of its losses in late trade led by recovery in European stocks. Short covering in today's trade also helped markets to trim losses. Sustained weakness in realty, FMCG, metal, auto, power, PSU and banking stocks led the decline while marginal gains in pharma, consumer durables and oil & gas stocks provided some support. Heavyweight draggers - BHEL, Tata Motors, M&M, ITC, TCS, SBI, ICICI Bank, Coal India and NTPC. Apart from eurozone jitters, falling rupee resulted outflow of foreign money, was the main concern for the market. During the day, the Nifty fell below the 4850 level. Sensex movements: Sell-off across the globe dragged the Sensex 74 points lower at 16388 in the opening trade and continued to trade in red. In the early afternoon session, the index touched an intraday low of 16165 led by all-round selling. | | INDEX PERFORMANCE |  | | | | | MARKET INDICATORS |  | | | | | | Shree Renuka Sugar | 35.05 | 9.19 | | Pantaloon Retail | 198.25 | 8.42 | | | | Pipavav Defence | 55.50 | -19.97 | | | | | | | | | | | | | | | | | | | | | | | However, the index showed recovery in late trade helped by European stocks and hit an intraday high of 16397. The Indian markets extended fall for the seventh day, with the Sensex closing 90 points down at 16372 and the Nifty stood at 4906, down by 29 points. Rupee Update: India's rupee dropped to the weakest level since March 2009 as Europe's worsening debt crisis prompted investors to favour safer assets such as the dollar. The rupee has slumped 14.2% from its highest point in 2011 hit late July and is the worst performer among major Asian currencies this year Market sentiment The market breadth stood weak. Of the 2979 stocks traded on the BSE, 882 (29.61%) rose, 1989 (66.77%) fell and 108 (3.63%) were unchanged. Viewing volumes Wind turbine major - Suzlon Energy saw highest trading with over 1.66 crore shares changing hands on the BSE. Then comes, Indian shipbuilder - Pipavav Defence and Offshore Engineering Company (1.04 crore shares), sugar making company - Shree Renuka Sugars (0.62 crore shares), Industrial finance company - IFCI (0.54 crore shares) and India's second largest developer - Unitech (0.41 crore shares). | Sectoral & stock screening Among the 13 sectoral indices, only three managed to rise. Gainers -- BSE HC up by 0.19%, BSE CD gained by 0.02% and BSE Oil & Gas rose by 0.01%. Top Losers - BSE Realty dipped by 1.59%, BSE FMCG slipped by 1.39% and BSE Metal slid by 1.30%. In 'A' group stocks, biggest gainers - Shree Renuka Sugar jumped by 9.19%, Pantaloon Retail (India) up by 8.42% and HPCL rose by 6.26%. Weak movers - Pipavav Defence and Offshore Engineering Company declined by 19.97%, Amtek Auto fell by 13.79% and IFCI dipped by 8.46%. |  | | | | | Global signals The European stock markets hit new five-week lows on Friday (November 18, 2011), on mounting worries that borrowing costs in several euro zone countries are at unsustainable levels, and policymakers are not acting to stem the region's debt crisis. The Asian stocks closed in red on Friday, after surging bond yields in euro zone nations spooked investors and fuelled fears of tightening global credit conditions. 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