New Delhi: Markets closed in red despite recovering some of its earlier losses on Thursday due to steady opening of European markets and lower inflation figure for week-ended 2 May.
The Bombay Stock Exchange benchmark Sensex exhibited volatility after exit polls by the Indian media on Wednesday projected Congress party-led UPA to be marginally ahead fo BJP-led NDA to form the new government.
Market sentiments also reacted negatively after political analysts predicted a weak coalition government in the case of either UPA or NDA win in this 15th Lok Sabha elections.
Sensex opened sharply lower by 2.5%, tracking negative cues from global markets. The US stock markets had ended lower on Wednesday due to unexpected fall in retail sales data for April following which Asian markets also plunged.
Indices did try some recovery after drop in inflation data to 0.48% was announced, which had been on an increase in previous three successive weeks, the last being at 0.70%.
The 30-share BSE index made up for some losses but remained in red, closing down by 146.74 points at 11,872.91 and the 50-share NSE Nifty ended lower by 41.80 points at 3,593.45. The Sensex also slipped from psychological high mark of 12,000 points.
Oil & gas, technology, capital goods, metal and bank stocks experienced most of the selling pressure. However, realty, auto and consumer durables stocks witnessed most of the buying.
Among the heavyweight losers in the BSE pack today Sterlite Industries was on top, falling by 5.52% to Rs449, Bharti Airtel by 4.13% to Rs764.05, Tata Motors by 3.04% to Rs260.15, Wipro Ltd by 2.78% to Rs364.35, Larsen & Toubro by 2.55% to Rs947.20, ONGC Ltd by 2.43% to Rs831.80, ICICI Bank by 2.36% to Rs536.70 and Sun Pharma by 1.98% to Rs1,264.85 and Housing Development and Finance Corp by 1.64% to Rs1,865.95.
India’s largest real estate company DLF, is looking to raise Rs10,000 crore in the next 2-3 years through sale of its treasury investments, land parcels and real estate projects.
So, among the gainers DLF led the rally by 7.18% to Rs249.20, Ranbaxy Laboratories by 3.66% to Rs184, Reliance Infrastructure by 2.03% to Rs809.80, Hindustan Unilever Ltd by 1.29% to Rs224.50, Reliance Communication by 0.85% to Rs224.65 and Maruti Suzuki by 0.75% to Rs844.
Asian markets ended lower as signs of distress among American consumers renewed fears of longer global recession. Japan’s Nikkei ended 2.6% lower and Hong Kong’s Hang Seng was down by 3.04%.