Markets close lower led by banks, power, IT, cap goods, FMCG

09 March 2009

Markets have witnessed selling pressure throughout the session and closed the day on a weaker note led by fall in all frontline stocks barring HDFC, M&M and Maruti. Banking, power, technology, capital goods and FMCG stocks took huge beating on the bourses.

Broader indices also followed the similar trend. Weak global cues was another reason behind today's sell-off, wherein Nikkei closed at 26-year lower on current account deficit.

ITC, Reliance Industries, SBI, Infosys, L&T, Bharti Airtel, HUL, ICICI Bank, TCS, Reliance Communication, ONGC and Tata Power were leading contributors in today's fall.

The 50-share NSE Nifty remained below 2600 mark and hit an intraday low of 2555.60. It shut shop at 2573.15, down 1.79% or 47 points. The 30-share BSE Sensex shed 165.42 points or down 1.99%, to settle at 8,160.40.

Global markets were weak on back of economic concerns, at the time of closing of Indian equities. European markets were trading weak. FTSE was trading at 3,498, down 32 points. CAC was trading at 2,490, down 44 points and DAX was at 3,630, down 36 points.

The sell-off in US futures was suggesting that US markets would lose ground in opening trade. The Dow Jones futures were down 84 points, to 6,590 and Nasdaq Futures down 14.5 points, to 1,062.