Worries about near term economic outlook and some weak results from India Inc dragged down stocks on the Indian bourses and pushed the key indices Sensex and Nifty to another negative close on Friday.
Extending recent losses, the Sensex ended down 56.57 points or 0.29% at 19,748.19 after tumbling to around 19,748. The Nifty, which declined to 5869.50 intraday, closed at 5886.20, recording a loss of 21.30 points or 0.36%.
Metal stocks declined sharply with economic data out of China hurting sentiment to a significant extent. Mirroring their slide, the BSE Metal index lost over 3.5%. Bank stocks declined on some weak earnings reports.
PSU, capital goods and automobile stocks too mostly closed lower. Power, oil, information technology and FMCG stocks ended on a mixed note. A few pharma and consumer durables stocks edged higher.
Metal stocks Hindalco (down 7.5%), Sterlite Industries (down 4.6%), Coal India (down 4%), Jindal Steel & Power (down 3.4%) and Tata Steel (down 1.8%) ended sharply lower. Sesa Goa lost around 6.2% and JSW Steel ended 2.6% down.
FMCG major Hindustan Unilever lost around 3.3%. The company posted a net profit of Rs 1019.25 crore for the quarter ended June 30, 2013 as compared to Rs 1331.19 crore for the quarter ended June 30, 2012. Total income increased from Rs 6597.38 crore for the quarter ended June 30, 2012 to Rs 6985.79 crore for the quarter ended June 30, 2013.
Automobile stocks Tata Motors (down 3.3%) and Maruti Suzuki (down 2.7%), oil stock GAIL India (down 2.9%), banking sector heavyweights State Bank of India (down 1.9%) and HDFC Bank (down 1.4%) and pharma major Dr Reddy's Laboratories (down 1.3%) also ended sharply lower.
Punjab National Bank lost over 5.5%. Canara Bank ended lower by over 8%. Union Bank of India lost more than 7.5% and Bank of India ended nearly 5% down. Yes Bank, Axis Bank, Syndicate Bank, Oriental Bank of Commerce, Allahabad Bank, IDBI Bank and Andhra Bank also closed with sharp losses.
The market breadth was weak. Out of 2426 stocks traded on BSE, 1410 stocks declined. 856 stocks moved up and 160 stocks ended flat.