Mid-Market- Sensex awash in red as Asian stocks slump Analysis for Jun 24, 2013

Posted By: Religare
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The key domestic benchmarks were languishing deep in the red in noon trade as the Sensex shed 169 points as concerns heightened that a record low rupee may widen the country"s current account deficit, apart from fueling inflationary pressures, delaying much needed rate cuts to stem a widespread slowdown in Asia"s third biggest economy. A bearish trend across other Asian markets also hurt sentiment as Goldman Sachs cut its outlook for China"s economy amid a cash crunch while concerns that the US Fed may taper QE in the near-term continued to rattle investors.

At 12:18PM, the BSE SENSEX was at 18,604.96, down by 169.28 points or by 0.90 per cent, and the NSE Nifty was at 5,614.15, down by 53.5 points or by 0.94 per cent.

The BSE Sensex touched intraday high of 18,714.06 and intraday low of 18,582.55. The NSE Nifty touched intraday high of 5,640 and intraday low of 5,602.25.

Meanwhile, the BSE MIDCAP was at 5912.91 down by -124.69 points or by 2.07 per cent, while the BSE SMLCAP was at 5,632.26, down by 85.04 points or by 1.49 per cent.

On the Sectoral front, Realty and Consumer Durables shed 4.35 per cent and 3.18 per cent, respectively.

The Market breadth, indicating the overall health of the market, was weak. On BSE out of total shares traded 2112, shares advanced were 563 while 1422 shares declined and 127 were unchanged.

The top losers of the BSE Sensex pack were GAIL (India) Ltd. (Rs. 276.50,-4.77%), Bharat Heavy Electricals Ltd. (Rs. 165.15,-3.22%), Larsen & Toubro Ltd. (Rs. 1354.00,-2.86%), Mahindra & Mahindra Ltd. (Rs. 916.50,-2.71%), State Bank of India (Rs. 1936.95,-2.69%), among others.

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Story first published: Monday, June 24, 2013, 12:48 [IST]
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