Mumbai:With higher than expected inflation numbers at 11%, the markets took a nose dive. The benchmark 30-scrip Sensex shed 516 points to close at 14571. The broader Nifty too shed over 157 points to close at 4347.55
This was the lowest closing for the market since August 2007.
Almost all sectoral indicies were down as well. Metal was down 4%, tech 3.5%, bankex, 3%, FMCG 2.5%, Auto2.4%, and PSU was down by 3.6%
The market sentiment was further dampened by the Finance Minister’s statement that one should expect more monetary actions to curb inflationary pressures and squeeze liquidity. This could possibly lead to future interest rate hikes by the RBI. Realty stocks were among the worst affected for the same. The realty index fell close to 4.45% with HDIL, Akruti, Parsavnath lost the most among realty stocks.
The Oil & Gas sector too fell by over 5%. Reliance Natural was the worst mover in the pack with a loss of 7.27%. Reliance Industries down by 6.61%, Essar down by 6.62%, and ABN Offshore down by 4.6% were some other losers.
Among the top gainers were United Phosphorus up by 2.3%, Areva up by 2,24% and ONGC up 1.56%.
Among the worst losers were United Breweries down 10.43%,Gammon India down 10.20%. Rajesh Exports down 10.01%, HDFC down 9.17% and Indiabulls down 8.73%.