Markets hold up in wake of weak GDP numbers
Posted: 5:15p.m IST, February 27, 2009
MUMBAI: Indian equities markets Friday managed to hold their own in the face of
depressing GDP growth numbers and uncertainty prevailing in global markets as the
Sensex ended trade merely 0.71 percent lower than its last close.
The 30-scrip Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at
8,944.11 points, closed at 8,891.61 points, down 0.71 percent or 63.25 points from
Thursday's close.
The S&P CNX Nifty index of the National Stock Exchange (NSE) shut shop at 2,758.8
points, 0.96 percent lower than its last close of 2,785.65 points.
\"Despite weak GDP numbers the markets have held on. You would appreciate this as
global markets especially US continue to give out negative signals,\" said Jagannadham
Thunuguntla, chief executive of New Delhi-based brokerage firm SMC Group.
The BSE midcap index was 0.04 percent lower, while the BSE smallcap index was down
0.221 percent. Of the 13 sectoral indices on the BSE, those for banking, FMCG and metal
stocks were in the green while all others turned negative.
Top gainers on the Sensex were Tata Steel (up 5.61 percent at Rs.172.35), HDFC (up 4.75
percent at Rs.1,269.20), HDFC Bank (up 1.35 percent at Rs.884.85) and ICICI Bank (up
1.03 percent at Rs.328.10).
Among the losers were Grasim Industries (down 5.99 percent at Rs.1,371.50), Ranbaxy
(down 4.8 percent at Rs.169.95), Wipro (down 3.98 percent at Rs.215.95) and Reliance
Infra (down 3.71 percent at Rs.490.60).
The overall market sentiment was mixed with 1,043 stocks advancing, 1,320 scrips
declining and 103 remaining unchanged.
Foreign institutional investors (FIIs) were net sellers, pulling out $59.20 million from the
markets.
In Asian markets, the Hang Seng, a key index of the Hong Kong Stock Exchange, also shed
0.65 percent from its last close.
European markets were doing no better with the FTSE index in Britain ruling 0.65 percent
below its last close.
\"There is great concern in Western markets as news of poor company results and huge
losses continue to surface frequently,\" added Thunuguntla.