New Delhi: Markets closed on downbeat note on Wednesday as investors booked profits after Monday’s 17% rally following UPA’s decisive victory in the 15h Lok Sabha elections.
Domestic indices today opened in red but rebounded immediately on mixed cues from the global markets. Asian markets were trading mixed after US stock markets on Tuesday closed mixed on the back of disappointing housing data and retreating financial stocks.
Unable to sustain gains, indices slipped into red again during mid session and continued to exhibit volatility. Among sectors, off-loading was seen mainly among banks, oil & gas and technology stocks. But significant buying was also witnessed in consumer durable, metal, auto, PSU, pharma and capital goods stocks.
The 30-share BSE index closed lower by 241.37 points at 14,060.66 and NSE Nifty ended down by 48.15 points at 4,270.30.
After Monday’s gains of almost 20%, DLF Ltd was on top of the losers on the BSE, falling by 7.77%; followed by ICICI Bank by 6.56%, Bharti Airtel by 6.06%, Bhel by 5.75%, HDFC by 5.73%, Sun Pharma by 5.07%, Reliance by 3.78%, HDFC Bank by 2.36%, Reliance Communication by 2.33% and Infosys Technologies by 1.90%.
Bank stocks suffered significant setback on fears of rising defaults. Major losers are ICICI Bank down by 6.56%, Axis Bank by 5.05%, Bank of Baroda by 3.82%, HDFC Bank Ltd by 2.36% and Punjab National Bank by 2.10%.
While DLF stocks plunged, Unitech ended higher by 3.39% as the company promoters raised their stake.
Among the gainers Tata Motors was leading by 19.12%, followed by Tata Steel by 12.81%, Mahindra & Mahindra Ltd by 8.18%, Hindalco by 7.09%, JP Associates by 5.29%, Maruti Suzuki by 4.46% and Ranbaxy Laboratories by 3.86%.
On the global front, Asian markets ended mixed. Japan’s Nikkei ended 0.59% up, while Hong Kong’s Hang Seng ended flat.