Mumbai, Aug 11 (IANS) A benchmark index for Indian equities fell 150 points Wednesday, tracking weakness in global markets, as the US Federal Reserve report and Japan’s and Chinese industrial export data raise fresh concern over the global economic recovery.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), closed at 18,070.19, down 0.82 percent or 149.80 points from the previous close.
The 30-share index opened in the red at 18,177.35 and plunged to a low of 18,042.89 points. The index touched a high of 18,263.88 points in the intra-day trade.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed 0.73 percent or 40.10 points down at 5,420.60. After opening flat at 5460.70, the index plunged to a low of 5,412 from a high of 5474.60.
Sentiments at the markets across the world turned negative after the US Federal Reserve said it would not exit the stimulus measures designed to support the economic recovery that is weaker than previously anticipated.
China’s industrial output rose the least in 11 months and Japan reported fewer-than-estimated machinery orders.
Analysts say these developments raise fresh concerns over the recovery of global economy.
Among the major drags on the Sensex were Tata Steel, down 3.24 percent at 520.40; HDFC, down 2.39 percent at 2999.75; Wipro, down 2.28 percent at 418.15; Mahindra and Mahindra, down 2 percent at 627.65 and ICICI Bank, down 1.82 percent at 971.10.
However, Tata Motors surged for the second day after reporting better than expected first quarter earnings. Tata Motors surged 5.16 percent to 1006.65. The scrip had gained 4.17 percent Tuesday after it reported Rs.1,988.73 crore profit in the first quarter of this fiscal against a loss of Rs.328.78 crore during the like period last year.
Broader markets indices were also in the red with the BSE midcap index down 0.50 percent and the BSE smallcap index 0.46 percent lower.
All major indexes of the world, except the Chinese Shanghai Composite, fell sharply Wednesday. Japanese Nikkei plunged 2.70 percent at 9,292.85. Hong Kong’s Hang Seng declined 0.83 percent at 21,294.50. The Chinese Shanghai Composite index closed 0.47 percent higher at 2,607.50.
European markets were also in the red. The FTSE 100 was down 1.58 percent at 5,291.28, while the German DAX was trading 1.69 percent lower at 6,179.99. The French CAC 40 was trading 1.79 percent down at 3,663 points.
— Indo-Asian News Service
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