Odisha News Insight

BSE Sensex closes 242 Points down; Nifty ends at 8,299 Points

BSE Sensex

Mumbai, Aug 21: A key Indian equities index ended 241.75 points, or 0.88 percent, lower on Friday on weak global market cues, persistent weakness of the rupee and developments in China, from where signs are emanating of a of further slowdown and devaluation of the yuan.

The 30-share BSE Sensex, which opened at 27,440.10 points, closed at 27,366.07 points. It touched a high of 27,442.82 points and a low of 27131.44 points in Friday’s trade.

Intra-day the key index had fallen 476.38 points soon after the opening bell. Twenty-two out of 30 stocks that comprise the BSE Sensex basket ended the day’s trade in red. During this week has fallen 701.24 points or nearly 2.5 percent.

The wider Nifty of the National Stock Exchange also closed 72.80 points or 0.87 percent higher at 8,299.95 points.”

“Market today opened with a gap down on weak global market cues, weak rupee and weak Chinese markets. Later market tested a low at 8,225 points (Nifty) on news that that Chinese factories data fell to its fastest pace since 2009,” Alex Mathews, head research, Geojit BNP Paribas Financial Services said.

“Indices nosedived in line with its global partners which fell on worries of global slowdown. Deteriorating global marco economic data and depreciating currency raise the concerns of the inves”ors,” Gaurav Jain, director, Hem Securities said.

In Friday’s trade, heavy selling pressure was seen in realty, auto, capital goods and banking sectors.

Among the 12 sector-specific indices of the Mumbai bourse, realty index plunged by 2.55 percent, auto index fell by 2.07 percent, capital goods index dropped by 1.76 percent and bankex slipped by 1.28 percent.

The 100-scrip and 200-scrip indices closed down by 0.89 percent and 0.84 percent, respectively. Mid-cap index was ended 0.89 percent down and small-cap stocks ended 0.60 percent”down.

“The market caution will persist as INR continues to devalue. Foreign institutional investors are staying away from the emerging markets due to the slowdown in their economies and this will probably im’act India’s”currency,” Vinod Nair, head of fundamental research, Geojit BNP Paribas Financial Services.

“The Nifty should maintain in the broad range of 8,000 – 9,000 as seen during the year. And currently we are nearing the lower end of that band. We believe that it is a good time for domestic investors to consider investing at the current level with a medium-ter outlook,” he added.

The major Sensex gainers on Friday were: Hindalco, up 1.24 percent at Rs.86.05; Infosys, up 1.09 percent at Rs.1,150.60 and Hindustan Unilever, up 0.93 percent at Rs.881.70.

The losers were: Vedanta, down 3.81 percent at Rs.94.75; Bajaj-Auto, down 3.40 percent at Rs.2,407.35; Hero Motocorp, down 2.81 percent at Rs.2,559.90 and Gail, down 2.75 percent at Rs.311.75.

Among the Asian markets, Japan’s Nikkei went down by 2.98 percent, China’s Shanghai Composite Index plunged by 4.21 percent and Hong Kong’s Hang Seng was lower by 1.53 percent.

In Europe, London’s FTSE 100 went down by 1.21 percent, France’s CAC 40 was lower by 1.17 percent and Germany’s DAX Index was down by 1.22 percent at the closing in the Indian markets.(IANS)

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