Don’t miss the latest developments in business and finance.

Markets near day lows as Q4 GDP disappoints

GDP growth for the Jan-Mar quarter stood at 5.3%

Image
SI Reporter Mumbai
Last Updated : Mar 05 2013 | 8:54 PM IST

Benchmark share indices have lost further ground after government data showed lower-than-expected fourth quarter GDP growth. GDP growth for the Jan-Mar quarter stood at 5.3% against a consensus of just over 6%. GDP growth for the corresponding quarter last fiscal (Jan-Mar 2011) was 9.2%. GDP growth for 2011-12 was 6.5%. GDP

The 30-share Sensex was down 205 points at 16,107 and the 50-share Nifty was down 61 points at 4,889. The Sensex touched an intra-day low of 16,086 and the Nifty touched 4,883 so far.

In the broader markets, the midcap and the smallcap indices fell 0.7% each outperforming the Sensex, which shed over 1%.

In the Asian markets, Japan's Nikkei share average fell sharply in  with exporters buckling under a strong yen, as investors pulled out of stocks with exposure to Europe.The index slipped 1.2% and was the top loser among the Asian markets. Shanghai Composite, Hang Seng, Kospi and Straits lost between 0.3-0.6%

Back home, selling was visible across the sectors. Oil&Gas, Auto, Capital Goods, Consumer Durables, Bankex and IT indices slid 1% each.

Amongst the major losers were ICICI Bank and Reliance Industries down by 3% each after these stocks turned ex-dividend today.Maruti Suzuki,    Sterlite, Tata Steel,HDFC, SBI and L&T down 2-4% were the other notable losers.

Tata Motors continue to lose ground, and fell over 2%  extending its previous day’s 12% fall on account of lower than expected EBITDA  margin at JLR of 14.6% against analyst estimate of around 16.5% during the quarter ended March 2012.

The only gainers among the Sensex stocks were Hindalco, Cipla, NTPC,Hindustan Unilever and Bharti Airtel which added between 0.2-3%

The market breadth was very negative with 1365 stock declines and 724 advances.

More From This Section

First Published: May 31 2012 | 11:30 AM IST

Next Story