Indian Stocks Slumped, BSE below 16K - State Bank of India, Coal India, Reliance Industries

Category: Investment, India

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POINT ROBERTS - October 4, 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 shares continued to slid on Tuesday spooked by Moody's Investors Service downgrade of the largest Indian public sector bank, State Bank of India, to 'D+' from 'C-' citing deteriorating asset quality, according to a statement from the ratings company today.

After Opening with a mild losses, stocks were hovering in small gains and losses. However, after the opening of European markets during the afternoon session, selling intensified and The BSE India Sensitive Index, or Sensex, slumped 1.8%, to close at 15,864.86. National Stock Exchange's Nifty ended at 4772.15, slid 77.35 points or 1.60%.

Banking sector was the worst performing sector with State Bank of India slumped 4.44%, Allahabad Bank lowered by 5.63%, ICICI bank lowered by 4.55%.

Technology stocks were mixed with Patni Computers jumped 4.57%, WIPRO higher by 1%, while Infosys Ltd. Fell 1.51%.

Fertilizers stocks were top performers with Godavari Fert jumped 3.16%, Deepak Fert. Surged 1.60% and National Fert rose 2.23%. However, Nagarjuna Fert Slumped 10.63%.

Among the large cap stocks, Reliance Industries slipped 1.50%. M&M ended 3.50%.

Market breadth was not that bad; about 1202 shares advanced as against 1293 shares declined on BSE.

Maruti Suzuki India Ltd jumped 2.73% to 1,106.55 INR after the central bank ended restrictions on purchases of the automaker's shares by foreign funds. Tata Motors Limited lost over 4.35% following Output at the Pantnagar plant in northern India was partially affected after a curfew was imposed in the area, Debasis Ray, a spokesman, said by phone today.

Coal India Limited (BOM:533278) lost 5% to 319.75 INR.

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