Saturday, 10 November 2012

Sensex fails to maintain midweek gains, ends lower by 72 points

Sensex fails to maintain midweek gains, ends lower by 72 points
Clean Media Correspondent

MUMBAI, Nov 10 (CMC) The BSE benchmark Sensex failed to maintain midweek gains, slipping by 72 points due to fag-end selling pressure mainly in capital goods, refinery, metal and power sectors as investors worried about the "fiscal cliff" after Barack Obama was re-elected as the US President, and about the euro-zone economy. 

Obama's re-election brought cheer to Indian stock market, pushing Sensex to a one-month high of 18,973.43 on hopes of revival of global economy. 

However, the euphoria later petered out and the global markets got a blow over the future concerns over the global economy as well as European debt problems, resulting in domestic investors opting to book profits. 

Disappointing performance from SBI, Tata Steel and ONGC pulled down the Sensex to a low of 18,656.41 before ending the week at 18,683.68, disclosing a loss of 71.77 points or 0.38 per cent. 

The NSE 50-share Nifty also declined by 11.45 points or 0.20 per cent to finish at 5,686.25. 

Weakness in global markets on fiscal worries and earnings concerns also kept buyers on the sidelines, said brokers. 

State-owned SBI reported a rise of over 30 per cent in Q2 net profit but its non-performing assets ratio jumped to 5.15 per cent from 4.19 per cent a year ago period, which mainly dampened the market sentiment at the fag-end. 

Tata Steel reported consolidated loss of Rs 363.90 crore for the July-September quarter, as against Rs 212.40 crore net profit in the year-ago period.

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