Shares end lower on growth concerns; ONGC down 2%

The Indian equity markets slipped for the fourth day in a row with the Sensex ending the day 0.80 percent lower at 17,490 and the Nifty 0.87 percent lower at 5287, ahead of the GDP growth figures that will be announced on 31st August.

FP Staff August 29, 2012 16:35:09 IST
Shares end lower on growth concerns; ONGC down 2%

The Indian equity markets slipped for the fourth day in a row with the Sensex ending the day 0.80 percent lower at 17,490and the Nifty 0.87 percent lower at 5287,ahead of the GDP growth figures that will be announced on 31st August.

While blue chip stocks, such as ONGC and Infosys, witnessed over 2 percent fall a few mid-cap stocks hit their 52-week lows due to growth concerns.

The stock market has no global or domestic trigger. Brokerage CLSA today said Indian stocks have already priced in a potential third round of quantitative easing in theUSand its impact on the market is likely to be muted, a Rueters report said.

Shares end lower on growth concerns ONGC down 2

Reuters

ONGC closed down 2.32 percent after investment bank Morgan Stanley downgraded the company to "equalweight" citing potential downward revisions to domestic crude oil volumes for fiscal 2014 and uncertainty on international production.

Infosys was down 1.39 percent after Duetsche Bank said it did not see any improvement in the company's business outlook.

Among the sectoral indices, metals, auto and capital goods were the major losers with Sesa Goa closing 5.32 percent lower after the company admitted to causing pollution in the Goan village.

Standard Chartered Plc's Indian depository receipts closed 5.6 percent after capital market regulator Sebi allowed partial conversion in such instruments on Tuesday.

Stocks in news

JP Associates was the biggest loser on the bourses today with 9.23 percent amid rising concerns about net debt levels, a day after the cement maker raised $150 million in foreign currency convertible bonds (FCCB)

HCL Infosystems Shares of HCL Infosystems fell more than 9.36 percent after the company denied media reports that Lenovo may be in talks to buy a 51 percent stake in the company.

SAIL was also down about 5 percent.

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