Market ends lower on weak global cues

Market ends lower on weak global cues

The stock market on Friday closed in the red as key benchmark indices edged lower to reach their lowest closing level in more than one week as stocks fell amid weak Asian and European cues coupled with the selling pressure in index heavyweights and financials.

The popular Sensex at BSE lost 133.29 points or 0.71 per cent to settle at 18,625.34, its lowest closing level since October 17, 2012. The index fell 200.58 points at the day’s low in mid-afternoon trade, while it declined 29.10 points at the day’s high in early trade.

The 50-unit S&P CNX Nifty at NSE shed 41 points or 0.72 per cent to 5,664.30, its lowest level since October 17, 2012. The index hit a low of 5,641.75 and hit a high of 5,697.20 in intraday trade.

From broader markets, the BSE Mid-Cap index slumped 0.84 per cent and the BSE Small-Cap index declined 1.05 per cent.

Asian shares fell sharply as (disappointing) earnings from large corporations raised worries over economic growth slowdown. The Nikkei ended down 1.4 per cent, while the Shanghai Composite was down 1.7 per cent, Hang Seng dropped 1.2 per cent and the KOSPI was down 1.7 per cent after lower-than-expected figures from global electronics major Samsung.

European shares opened lower following a weak session in Asia as lacklustre earnings from tech giant Apple undermined confidence ahead of American growth data due later on Friday. CAC, DAX and FTSE lost 0.3-0.6 per cent.

Investor sentiment

Meanwhile, the investor sentiment on D-Street was hit adversely after initial data from bourses showed foreign institutional investors (FIIs) were net sellers of domestic stocks on the previous session as they sold shares worth a net Rs 552.34 crore on Thursday.

Among the sectoral indices on BSE, Consumer Durables, FMCG, PSU, Healthcare, Power and Bankex were among the top losers down 1-3 per cent each. However, Auto Index was the sole gainer up 0.8 per cent led by Mahindra & Mahindra, Bajaj Auto and Hero MotoCorp. Index heavyweights Reliance Industries closed down 1.4 per cent on profit taking after recent gains.

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