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Global worries drag Sensex below 18k mark

August 3rd, 2011

The weak global market, particularly the possible downgrade of US and the usual European economy worries have a toll on the Indian stock markets today. The Sensex has once again come below the 18k mark.

The Sensex closed the day at 17940.55 losing 169.34 points or 0.94% in todays trade. Nifty managed to close the day at 5404.80. The CNX Midcap closed the day at 7884.65 while the BSE Smallcap index closed at 8109.39. The markets had a huge gap down opening but have managed to recover some lost ground but it wasn’t enough supported even after the European markets opened their trading day. Earlier, almost all Asia Pacific markets closed or ware trading in the red.

SAIL that took some beating after the poor quarterly numbers seems to have managed to come back to the Rs. 121 mark. The script closed today at 121.75. Other gainers Reliance Infra, Sesa Goa, BPCL and Tata Power are other gainers of the day. L&T seemed to be the most beaten down stock after it witnessed selling pressure. The script closed the day at 1660.65 losing 4.23% in trade today. Other leading losers include Tata Motors, Axis Bank, Bajaj Auto and DLF amongst others.

Sans FMCG and PSE, all sectorial indices on the NSE closed the day in the red. CNX Infra and CNX Pharma are the top sectoral losers on the NSE.

Bharti Airtel (BSE: 532454; NSE: BHARTIARTL; ISIN: INE397D01024) reported its quarterly numbers today. Its net profit is down 13% at Rs. 1215 and was much in line with what markets are expecting. The stock closed the day at Rs. 426.75 down 1.23%. Market experts feel the script can see some good upside and are suggesting a Buy with a target of Rs. 500.

Entry Filed under: Equity Markets, Telecom, Closing Bell