BackClose: Markets break 8-day rally, plunge 2.9%
Close: Markets break 8-day rally, plunge 2.9%
PremiumNew Delhi: After eight-days of rallying, the Bombay Stock Exchange benchmark Sensex took a sharp dive to close almost 3% lower on Thursday, due to intense profit booking.
Domestic indices were also under pressure due to political uncertainties as first phase of a month-long general elections started today. Besides low inflation for week ended 4 April and stronger European markets also failed to boost sentiments. Inflation has further eased to 0.18% from previous week’s 0.26%.
Among the sectoral indices, except FMCG segment all others suffered off-loading. Leading losses was yesterday’s gainer realty, followed by metal, capital goods, oil and gas, power and consumer durable stocks.
Following gains in US markets and firmer Asia, Sensex started trading marginally up but soon markets turned volatile and started losing ground. The 30-share BSE index slipped from 11,000 level to close lower by 337.33 points at 10,947.40 and the 50-share NSE Nifty ended down by 114.65 points at 3,369.50.
Leading the losers on BSE was Tata Motors by 13.50% to Rs243.25, along with Reliance Infra by 9.36% toRs 643.80, DLF Ltd by 8.63% to Rs234.65, Tata Steel by 8.25% to Rs269.15, Jaiprakash Associates by 8% to Rs112.75, Hindalco by 6.84% to Rs57.90, Ranbaxy Laboratories by 6.81% to Rs186.25, Reliance Communications by 5.48% to Rs217.45, Larsen and Toubro Ltd by 5.38% to Rs831.50, Sterlite Industries by 4.98% to Rs400.90 and Reliance Industries by 4.88% to Rs1,736.50.
Tech Mahindra dropped 5.11% even as the Company Law Board or CLB approved its takeover of Satyam Computer Services Ltd.
Among the few gainers there was ITC Ltd rising by 3.21% to Rs191.55, Wipro Ltd by 2.84% to Rs1,236.25, Sun Pharma by 2.05% to Rs239.15, Hindustan Unilever Ltd by 1.51% by Rs239.15 and Maruti Suzuki by 0.45% to Rs851.55.
In the global front, most Asian markets pared their early gains after China reported drop in GDP growth to 6.1%. Japan’s index Nikkei shed gains to end merely 0.1% up and Hong Kong’s Hang Seng fell by 0.55%.
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