Sensex falls 343 points , due to poor industry numbers

Mumbai : The sensex on Monday fell 343 points reacting negatively to latest data which showed that industrial output had slumped to minus-5.1 percent.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 16,354.96 points, closed at 15,870.35 points, 343.11 points or 2.12 percent down from its previous close at 16,213.46 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also ended in the red at 4,764.6 points, down 2.1 percent or 102.1 points from its previous close.

The index of industrial production (IIP), the barometer for measuring factory output, saw a huge fall in October, shrinking to minus-5.1 percent in output largely due to huge fall in manufacturing and mining sectors.

Manufacturing output registered a negative growth of (-) 6 percent, while mining activity declined to (-) 7.2 percent.

Broader markets all closed in the red with the BSE 500 index ending 2.07 percent lower. The BSE midcap index slipped 1.9 percent down while the BSE small cap index shed 1.54 percent.

Metals, banking and oil gas scrips bore the brunt of the selling. Only one of the sectoral index, IT, showed gains out of the 13 indices on the BSE which were in the red.

At least 798 stocks advanced and 1,943 declined. Another 121 were unchanged.

There were only three gainers on the 30 scrip Sensex: Wipro, up 2.56 percent at Rs.414.55; Infosys, up 0.93 percent at Rs.2,731.25 and TCS, up 0.7 percent at Rs.1,179.90.

Prominent losers included: Tata Power, down 6.46 percent at Rs.89.10; Hindalco, down 6.37 percent at Rs.123.55; Jindal Steel, down 5.14 percent at Rs.503.50; and SBI, down 4.87 percent at Rs.1,773.10.

According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors (FIIs) sold stocks worth $55.94 million.

Asian markets closed mixed with investors cautiously welcoming a deal by European leaders to introduce tougher fiscal rules in a bid to save the Euro zone.

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