Mid Market- Markets bite the dust as Europe woes cloud outlook Analysis for Jul 25, 2012

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The fallout of Europe"s deepening debt troubles reached Asian shores today as Sensex along with other Asian stock markets fell sharply amid fears that Europe"s debt turmoil may severely hit global growth, dimming the appeal of risky assets.

Speculation is rising that Spain may need a full-scale bailout as borrowing costs become unsustainable, while fears of a Greek exit from the euro are back to haunt investors as the debt saddled nation struggles to meet its budget deficit targets to secure crucial aid and stay solvent.

On the domestic front, poor monsoon and a policy logjam, has darkened the outlook for India"s economy, luring investors away from stock markets.

At 12:24PM, BSE SENSEX was at 16,779.61, down by 138.47 points or by 0.82 per cent and the NSE Nifty was at 5,090.15, down by 38.05 points or by 0.74 per cent.

The BSE Sensex touched intraday high of 16,899.01 and intraday low of 16,736.6. The NSE Nifty touched intraday high of 5,121.6 and intraday low of 5,076.6.

Meanwhile, the BSE MIDCAP was at 6,051.09, down by 61.84 points or by 1.01 per cent, while the BSE SMLCAP was at 6,547.31, down by 60.69 points or by 0.92 per cent.

On the Sectoral front, Metal and Consumer Durables shed 2.39 per cent and 1.73 per cent, respectively.

The Market breadth, indicating the overall health of the market, was weak. On BSE out of total shares traded 3468, shares advanced were 914 while 1594 shares declined and 960 were unchanged.

The top losers of the BSE Sensex pack were Jindal Steel & Power Ltd. (Rs. 397.65,-4.11%), Bharti Airtel Ltd. (Rs. 300.30,-2.55%), Wipro Ltd. (Rs. 337.50,-2.46%), Hindustan Unilever Ltd. (Rs. 464.80,-2.36%), Sterlite Industries (India) Ltd. (Rs. 99.70,-2.35%), among others.

Story first published: Wednesday, July 25, 2012, 14:20 [IST]
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