Mkts under bears grip
Mkts under bears grip. Following continued logjam in parliament and weak quarter numbers, the stock markets fell at closing on Friday. Further, the weak global cues further dampened investor sentiment.
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Lower earnings, uncertain reforms effect sentiment
Mumbai: Following continued logjam in parliament and weak quarter numbers, the stock markets fell at closing on Friday. Further, the weak global cues further dampened investor sentiment. Sensex closed 259 points lower at 28,112 and Nifty fell 68 points to close at 8,522. Meanwhile, the broader markets too fell with midcap and smallcap indices declined 0.6 per cent each.
Experts say that the market may remain range-bound in near term and if reform legislations do not get passed, the market may fall further. On the sectoral front, all sector specific indices closed in red excepting consumer durables and FMCG indices.
The rate sensitive stocks closed lower ahead of monetary policy with ICICI Bank, M&M, Tata Motors, SBI, Maruti, Axis Bank, etc fell up to 4 per cent. On the other hand, the metal stocks fell following weaker-than-expected China data and concerns over global growth as Vedanta, Tata Steel and Coal India lost up to 2 per cent.
The gainers: Sun Pharma, up 0.99 per cent at Rs 835.75; Hero MotoCorp, up 0.88 per cent at Rs 2,738.20; Cipla, up 0.68 per cent at Rs 678.30; Tata Consultancy Services (TCS), up 0.64 per cent at Rs 2,503.75; and Hindalco Inds, up 0.46 per cent at Rs 109.05.
The losers: ICICI Bank, down 3.96 per cent at Rs 300.50; Wipro, down 3.73 per cent at Rs 566.45, Lupin, down 3.27 per cent at Rs 1,672, Tata Motors, down 2.54 per cent at Rs 391.15; and Gail, down 2.34 per cent at Rs 361.05.
