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Sensex closes below 16,000; Tata Motors biggest loser

Tata Motors the country's No.3, posted a 6 percent increase in passenger car sales. However, Tata Motors closed lower by 3.6 percent extending recent concerns post its March numbers.

Reuters

by Sanjit Oberai 01 Jun 16:28 pm IST

     

It is a bad start for the markets in June as they have crashed steeply. Both the BSE Sensex and the Nifty are down more than 1.5 percent. The Sensex closed at 15,965 , down 253 points while the S&P CNX Nifty fell by a sharp 83 points to close at 4,841. The market breath was negative as 1,829 stocks declined vs 849 stocks which advanced. The BSE midcap (-1.46 percent) and the small cap (-1.22 percent) index also fell in line with the markets.

Markets fell across the board due to continued worries about India's growth outlook at a time of weakening indicators from the global economy. Also, after yesterday's GDP shocker, all big brokerages slashed India's FY13 targets. Morgan Stanley cuts it down to 5.7%, while JP Morgan revised it to 6.3%. CLSA warned it may revise its forecast of 6.3% to around 6%. Also indication that the monsoon could be delayed by about four days also weighed on sentiment.

India's exports rose 3.23% year-on-year to $24.5 billion in April, while imports grew 3.83% on year to $37.9 billion, government data showed on Friday.

Baring FMCG index, all other sectoral indices closed in the red led by a 2-3 percent fall in Capital Goods, power, autos, oil and gas and IT.

Among the 30-share Sensex pack, 27 are in the red led by a steep fall in Tata Motors (-3.7 percent), L&T (-3.22 percent) and RIL (-3.16 percent). ITC, GAIL, Sun Pharma Inds closed in green.

Gas stocks moved up sharply after Delhi High Court quashes Petroleum and Natural Gas Regulatory Board order. IGL closed up 28.7 percent followed by Gail.

CRISIL closed up 0.26 percent to Rs 1,066 after the company said it has entered into an agreement to buy 100% of the equity shares of UK-headquartered Coalition Development along with its subsidiaries.

Automobile and hotel stocks were in focus today after the government announced a series of austerity measures in the context of the current fiscal situation where there is a tremendous pressure on government's resources.....
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