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Sensex slips 193 pts, political uncertainty weighs

May 11, 2009

INDIA-STOCKS/6PCTThe outcome of the elections this weekend weighed on investors’ minds as the benchmark slipped nearly 200 points to close at 11,683.

Some index heavyweights took a beating – Reliance Industries slipped 1.98 percent, SBI ended 4.8 pct lower and L&T dropped 2.8 percent.

Shares in Reliance Industries today closed at 1859 rupees, having moved up smartly from the 2009-low of 1080.9 rupees on January 13.

All sectoral indices closed in the red. The realty index took the biggest hit, falling over 5 percent, while the auto index brought up the other end with losses of 0.55 percent.

Significant among the movers were Essel Propack, which jumped 20 percent on a report that the company plans to buy a U.K.-based tube maker. Unitech, one of India’s top realty firms, slipped 9 percent on heavy volumes.

Do you think the uncertainty in the political arena ahead of the election results, set to be announced on May 16, will make investors nervous and lead the Sensex lower?

Comments

Sensex should go down to 10k.. politics will play a major role.

Posted by Raju | Report as abusive
 

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