BSE Sensex falls 173 pts, RIL shares eyed over Vikram Pandit bank move

Apr 04 2013, 10:03 IST
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Nifty futures on the Singapore Exchange fell 0.5 percent. (Reuters) Nifty futures on the Singapore Exchange fell 0.5 percent. (Reuters)
SummaryRIL's banking move with former Citi man Vikram Pandit surprises - shares on watch.

BSE Sensex today fell by almost 173 points in early trade due to sustained selling by investors on renewed worries over domestic political stability and a weakening trend in global markets. NSE Nifty down by 50 points. RIL's banking move with former Citi man Vikram Pandit surprises - shares eyed.

The 30-share barometer fell by 172.94 points, or 0.92 per cent, to 18,628.70, with all the sectoral indices led by realty and banking falling up to 1.76 per cent. The index had lost 239.31 points yesterday.

Similarly, the wide-based National Stock Exchange index Nifty fell by 50.70 points, or 0.89 per cent, to 5,622.20.

Brokers said continued selling by funds and retail investors on concerns over fears of early general elections and a weak trend in the Asian region in line with overnight fall on the global markets dampened the trading sentiment.

Besides, fears of lower quarterly earnings by companies in the fourth quarter too fuelled the selling, they said.

In the Asian region, Japan's Nikkei fell 1.71 per cent, while Hong Kong markets remained closed today. The US Dow Jones Industrial Average ended 0.76 per cent lower yesterday.

Indian stocks to watch-April 04

GLOBAL MARKETS ROUNDUP

* BSE Sensex ended the wining streak yesterday posting biggest loss in two weeks. Auto and telecom shares were worst hit.

* Nifty futures on the Singapore Exchange fell 0.5 percent, while the MSCI-Asia Pacific index excluding Japan was down 0.6 percent.

* Investors nervously watched developments in the Korean Peninsula on Thursday while Asian stocks fell after weak data stoked concerns the key American jobs report due later in the week will signal slowing U.S. Growth.

* U.S. stocks fell on Wednesday, with the S&P 500 index posting its biggest daily decline in more than a month, after a weaker-than-expected survey of private employers raised concerns about the strength of the economy.

FACTORS TO WATCH

* RBI Governor meets bankers ahead of annual policy review on May 3.

* Diversified Indian company Piramal Enterprises Ltd will announce a business development in its over-the-counter drugs business.(0700 GMT)

INDIAN STOCKS TO WATCH .

India's largest copper smelter declares force majeure.

RIL draws bank blueprint, sounds out Vikram Pandit

Amnesty, sops of 30 bn rupees likely in Foreign Trade Policy.

Finance ministry mulls the option of starting 400 bln rupees divestment programme with share buyback

Future Group, CEOs JV buy majority stake in office supplies firm Staples

India plans reinsurance pool to cover refiners handling Iran oil.

NTPC not

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