Business Today

Sensex slumps 431 pts, Nifty ends below 6,000

Indian stocks markets suffered its heaviest losses of the year on profit-taking and strong selling pressure in FMCG and capital goods stocks.

BT Online Bureau | May 13, 2013 | Updated 19:15 IST

A sharp rise in trade deficit weighed on the market as the benchmark BSE S&P Sensex on Monday logged its biggest fall of over 430 points in the current calendar year and also more-than 14 months to end below 20K-mark at one-week low of 19,691.67, snapping two-session of gaining string.

Weakness in global markets also kept the market subdued.

The country's exports grew by 1.6 per cent in April while imports surged by 10.9 per cent following a rise in gold imports that pushed up trade deficit, affecting the market sentiment badly, a broker said.

Gold and silver imports in April increased by 138 per cent to $7.5 billion from $3.1 billion in April 2012.

A fall in retail inflation, which dropped to 9.39 per cent in April from 10.39 per cent in March, failed the lift the sentiment.

Selling was seen across-the-spectrum as all 13 sectoral indices closed in the red between 0.94 per cent and 3.17 per cent with FMCG, capital goods, metal, auto and teck counters leading the downslide. All 30 Sensex-based scrips also closed with sharp to moderate losses.

FMCG giant and Cigarette major ITC was the top loser from the sensex pack with a fall of 5.31 pct, alone extracting over 120 points from the sensex.

The Bombay Stock Exchange 30-share indicator resumed lower and remained in negative terrain throughout the day to end the day at 19,691.67, exhibiting a steep fall of 430.65 points or 2.14 pct.

Similarly, the broad-based 50-issue CNX Nifty of the NSE also tanked by 126.80 points or 2.08 pct to end below 6K-mark at 5,980.45.

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