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Four sectoral indices slump to 52-week lows

Four sectoral indices slump to 52-week lows

While the metal index was the worst-hit with about 3.5 per cent fall, the realty and power indices also fell to their 52-week low levels, as investors indulged in heavy sell-off taking cue from sluggish global markets and a weakening rupee adding to the economic woes in India and abroad.

Amid a broad-based plunge in the stockmarket , four sectoral indices, including those of metal and banking sectors, onMonday fell to their lowest levels in a year.

While the metal index was the worst-hit with about 3.5 percent fall, the realty and power indices also fell to their 52-week low levels,as investors indulged in heavy sell-off taking cue from sluggish global marketsand a weakening rupee adding to the economic woes in India and abroad.

The BSE metal index settled for the day 3.46 per cent lowerat 10,072.39, after dropping to its one-year low level at 10042.09, as stockslike JSW Steel, Sesa Goa, SAIL, Sterlite Industries, Hindalco and Tata Steelfell sharply.

JSW Steel was the biggest loser in the metal pack with a7.05 per cent decline, followed by Sesa Goa (6.99 per cent), SAIL (5.71 percent), Sterlite (4.85 per cent), Hindalco (3.72 per cent) and Tata Steel (3.03per cent) on the BSE.

The BSE Bankex index also slumped to its 52-week low of9,791.42 before settling at 9,831.83.

On this index, ICICI Bank was the top loser with a fall of4.90 per cent, while SBI ended 3.04 per cent down and HDFC Bank dipped by 2.80per cent.

Analysts said that sectors like bank, realty, power, metaland capital goods were among the worst-hit, because of their significantexposure to rupee valuation and the subsequent possibility of a higher interestrate regime.

The realty and power indices closed down by 3.04 per centand 2.72 per cent, respectively. During the day, the realty index dipped to its52-week low of 1,551.94, while power index touched a one-year low of 1,907.35.

Real estate major DLF lost 4.23 per cent, while ParsvnathDevelopers ended 5.06 per cent down and Indiabulls Real Estate fell by 3.78 percent.

From the power sector, BHEL shed 5.04 per cent, JSW Energylost 7.07 per cent and Suzlon Energy plummeted 10.08 per cent.

The BSE benchmark Sensex, which had lost nearly 1,200 pointsin last seven trading sessions, plunged further by 425.41 points, or 2.60 percent to 15,946.10.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Nov 21, 2011, 6:48 PM IST
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