Sensex down 431 pts on weak Europe, China data

The sensex and the nifty both fell over 1.5% each, their biggest single-session drop in over two months, after economic data from Europe pointed at renewed weakness while data from China showed weak employment growth.

Sensex closed 431 points lower at 26,776 while nifty lost 129 points at 8,018 as ICICI Bank, Reliance Industries and Tata Motors pulled down the indices.

After starting flat for the day, sensex remained in the negative territory but started losing steam after mid-session once data from Europe hit the market.

Reports said that manufacturing PMI (a gauge for future factory activities) for Germany, Europe’s largest economy, was down at 50.3, its lowest reading in over a year against a Bloomberg forecast of 51.2, while the services PMI for France dipped into a territory that showed contraction. Any PMI reading of below 50 is seen as a sign of contraction for that particular industry.

Among the sensex stocks, both ICICI Bank and RIL lost 2.5% each to pull down the index while Cipla led the laggards with a 4.6% slide.Of the 30 sensex stocks, only four stocks closed with gains, but each were up less than 0.2%.

TOI.

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Updated: 23/09/2014 — 7:19 PM

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Pramod Baviskar

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