Tuesday 6 March 2012
Cong's UP miss miffs mkt ,SP set to reach majority Sensex ends 190 pts down
SP has emerged as the top party in the 2012 Uttar Pradesh Assembly Elections winning 96 seats and leading in 125 other seats, taking the total number to 221, at 3:50 pm. Meanwhile, Mayawati's Bahujan Samaj Party won 32 seats and was leading in 51 other seats. BJP and Congress won 15 seats each and were leading in 45 and 40 other seats, respectively.
Congress also lost elections in Goa (won by BJP), Punjab (won by Shiromani Akali Dal) while it retained its power in Manipur.
Shobhana Bhartia, Chairperson of HT Media said the outcome was very disappointing for the Congress. "Performance in state assembly today will not help at centre," she added.
The BSE benchmark fell 189.58 points or 1.09%, to close at 17,173.29 led by downtrend in 21 stocks. Meanwhile, the NSE benchmark touched an intraday high of 5,382.05 and low of 5,206.40, before closing down 57.95 points at 5,222.40.
Now the market has shifted its focus to global cues, which remain weak and upcoming two local events: Budget (schedule to be announced on March 16) and RBI's monetary policy (on March 15).
Global markets were down today as renewed concerns over Greece and slowing growth in China overshadowed better-than-expected US economic news. Asian markets closed with a loss of 0.9-2% while European markets were down between 1% & 1.5%.
Depreciating rupee was another cause for concern, which was down by 43 paise to 50.28 a dollar.
Chetan Ahya of Morgan Stanley indicated that the rupee could go down to 52.5 levels against the dollar before recovering.
Metal stocks got butchered quite badly; BSE Metal Index tanked nearly 4%. Shares of Tata Steel, Sterlite Industries and Hindalco crashed around 5.5% while Jindal Steel was down 3.8%.
Capital goods majors L&T and BHEL fell 2.5-3%. Shares of country's largest lenders ICICI Bank and SBI tumbled 1-2% while rival HDFC Bank was down 0.7%.
Index heavyweight Reliance Industries dropped 2.7% and telecom major Bharti Airtel lost 3.66%.
However, Infosys and ITC bucked the trend, rising 1.4%. Shares of DLF rallied 2.7% and Maruti gained 1%.
The broader markets too declined 1% and declining shares outnumbered advancing by 1762 to 1042 on the BSE.
Total traded turnover on both exchanges was more than 1.91 lakh crore.
Congress also lost elections in Goa (won by BJP), Punjab (won by Shiromani Akali Dal) while it retained its power in Manipur.
Shobhana Bhartia, Chairperson of HT Media said the outcome was very disappointing for the Congress. "Performance in state assembly today will not help at centre," she added.
The BSE benchmark fell 189.58 points or 1.09%, to close at 17,173.29 led by downtrend in 21 stocks. Meanwhile, the NSE benchmark touched an intraday high of 5,382.05 and low of 5,206.40, before closing down 57.95 points at 5,222.40.
Now the market has shifted its focus to global cues, which remain weak and upcoming two local events: Budget (schedule to be announced on March 16) and RBI's monetary policy (on March 15).
Global markets were down today as renewed concerns over Greece and slowing growth in China overshadowed better-than-expected US economic news. Asian markets closed with a loss of 0.9-2% while European markets were down between 1% & 1.5%.
Depreciating rupee was another cause for concern, which was down by 43 paise to 50.28 a dollar.
Chetan Ahya of Morgan Stanley indicated that the rupee could go down to 52.5 levels against the dollar before recovering.
Metal stocks got butchered quite badly; BSE Metal Index tanked nearly 4%. Shares of Tata Steel, Sterlite Industries and Hindalco crashed around 5.5% while Jindal Steel was down 3.8%.
Capital goods majors L&T and BHEL fell 2.5-3%. Shares of country's largest lenders ICICI Bank and SBI tumbled 1-2% while rival HDFC Bank was down 0.7%.
Index heavyweight Reliance Industries dropped 2.7% and telecom major Bharti Airtel lost 3.66%.
However, Infosys and ITC bucked the trend, rising 1.4%. Shares of DLF rallied 2.7% and Maruti gained 1%.
The broader markets too declined 1% and declining shares outnumbered advancing by 1762 to 1042 on the BSE.
Total traded turnover on both exchanges was more than 1.91 lakh crore.
