Sensex Dips Over 60 Points; Metal, Healthcare Stock Weigh

Posted By: Religare
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Indian equities continued to extend losses in the afternoon session on Monday amid weak cues from other Asian peers as metal stocks took a beating as China cut its economic growth rate for 2014.

At 2.25 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was down by 168 points while the NSE Nifty was down by 55 points.

Sensex Dips Over 60 Points; Metal, Healthcare Stock Weigh

China, the world"s biggest metals consumer, cut the growth rate for 2014 to 7.3 per cent from 7.4 per cent reported earlier, clouding the outlook for Indian metal exporters.

Also, investors remained cautious ahead of the upcoming Federal Reserve monetary policy meet on September 15-16, where the world"s top central bank may offer some cues over the timing of a maiden interest rate hike in nine years.

The shares of Coal India slipped over 2 per cent as offtake adjusted for power demand, worried investors.

The market breadth, indicating the overall health of the market, was weak. On BSE, out of the total 2486 shares traded, 788 advanced while 1601 shares declined and 97 remained unchanged.

On the global front, most of the Asian markets were trading in the red as traders were unsure over the timing of a US interest rate hike as Friday"s jobs data signaled slight weakness in the health of the world"s biggest economy.

Non-farm payrolls in the US, climbed by 173,000 in August, compared to an upwardly revised 245,000 gain in July, and below expectations of a 217,000 rise.

Read more about: sensex, nifty, stock market
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