Indian Stocks Falls Weighed by Technology & Banking Stocks

Category: Investment, India

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POINT ROBERTS - August 24, 2011 - www.InvestorIdeas.com, a global investor research portal for independent investors, issues the following market and economic commentary for investors following investing in India.

Indian stocks closed sharply lower after two days of rallying , as shares of technology companies and automakers continued their selling on global debt crisis. Increased chances of strict monetary policy also added further selling in the stock markets.

The main 30-share BSE index fell 213.49 or 1.30% to closed at 16,284.98, 90% of the indices contributors ended lower. The S&P CNX Nifty also lost 60 points or 1.21% to closed at 4,888.90 after hitting day’s high of 4,962.40 and low of 4,875.30.

On BSE, 1,528 shares ended lower and 1,313 shares jumped.

However, mid -cap and small -cap stocks relatively outperformed the broader markets with both the indices ended lower by around 0.50% each.

Coal India Ltd. was the biggest loser with the stock slumping as much 4.61% on concern that t 22 of its mines face closure over environmental concerns in eastern India, which could cut its output by 40,000 tonnes a day.

Among the auto shares, MARUTI SUZUKI lost 3.77% to 1,114.5 rupees, TATA MOTORS slumped 3.70% and TVS MOTOR declined 2.03%.

In the technology space, INFOSYS LTD lost 1.14% to close at 2,250.90 rupees, HCL INFOSYS fell 3.05% to 66.80 rupees.

Banking stocks also slid with SBI falling 3.58% to 1,989.75 rupees, BANK OF INDIA lost 3.77% to 307.50 rupees. AXIS BANK slid after rising in yesterday’s session and lost 3.12% to 1,049.70 rupees.

Bharat Heavy Electricals also lost 0.57% after analyst at HSBC reduced its price target on the stock to 1,590 rupees from 1,850 rupees.

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