Sensex closes 181 points down on weak corporate earnings (Roundup)

Mumbai, Oct 30 (IANS) The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) on Friday closed 181.31 points, or 0.68 percent, down due to subdued quarterly earnings by some key corporates.

The 30-scrip Sensex, which opened at 26,878.48 points, closed at 26,656.83 points after touching a high of 26,942.29 points and a low of 26,585.20 points during the day.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) also closed in the negative territory – 45.95 points or 0.57 percent down at 8,065.80 points.

“It is a point of concern to see the market easily sliding below the important support like 8,100 today. As expected the poor set of numbers during the second half of result season is impacting the market,” Vinod Nair, head-fundamental research, Geojit BNP Paribas Financial Services, said.

“Markets opened the November series on a negative note, dragged by subdued quarterly earnings by key corporates like capital goods major Larsen & Toubro and FMCG heavyweight ITC. Breakdown of commodity prices across the world, weak global cues and weak rupee weighed on the sentiment,” Gaurav Jain, director, Hem Securities, said.

Foreign funds were net sellers of shares worth $34.01 million.

In Friday’s trade, good buying was observed in banking and power sectors, while selling pressure was seen in capital goods and fast moving consumer goods (FMCG) sectors.

On the BSE, bankex gained by 0.92 percent and power index went up by 0.45 percent, while capital goods index plunged by 2.65 percent and FMCG index went down by 2.34 percent.

The 100-scrip and 200-scrip indices were down by 0.53 percent and 0.51 percent, respectively. Mid-cap index ended lower by around 0.13 percent and small-cap stocks fell 0.78 percent.

The Sensex gainers were: NTPC, up 3.83 percent by Rs.132.70; ICICI Bank, up 2.04 percent by Rs.277; Dr.Reddy’s, up 1.32 percent at Rs.4,269.50; and Axis Bank, up 1.18 percent at Rs.474.95.

The losers included: Vedanta, down 6.41 percent at Rs.100; ITC, down 4.30 percent at Rs.334.70; L&T, down 4.11 percent at Rs.1,411.15; and Mahindra & Mahindra, down 3.72 percent at Rs.1,182.50.

Among the Asian markets, Japan’s Nikkei was higher by 0.78 percent, while China’s Shanghai Composite Index was down by 0.13 percent and Hong Kong’s Hang Seng was down by 0.79 percent.

In Europe, London’s FTSE 100 was down by 0.40 percent, France’s CAC 40 was lower by 0.29 percent and Germany’s DAX Index was down by 0.46 percent at the closing in the Indian markets.

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