Friday, January 23, 2009

Market close: Nifty closes below 2700; M&M, Tata Steel fall

Led by decline in banking and metal stocks, Indian markets closed lower today. The Sensex ended with a loss of 140 points, while the Nifty closed lower by 35 points. Mid and small-cap stocks also ended in the red. Buying activity was however witnessed in stocks from the consumer durables, healthcare and energy sectors.

Selling pressure continued in second rung stocks as companies disappointed in third quarter results. Economic news from the UK were also disappointing. UK’s 2008 GDP growth has been 0.7 per cent, lowest since 1992, confirming the country is in recession.

Bombay Stock Exchange’s Sensex closed at 8,686.45, down 127.39 points or 1.45 per cent. The index touched an intra-day low of 8631.60 and high of 8858.84.

National Stock Exchange’s Nifty ended at 2681.10, down 32.70 points or 1.20 per cent. The index touched an intra-day low of 2661.65 and high of 2765.55.


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