New Delhi: Markets slumped sharply during final trading to close lower by almost 1% after exhibiting volatility on Wednesday as investors booked profit in key stocks following previous 5-day gains.
The Bombay Stock Exchange benchmark Sensex opened flat backed by the mixed cues from the Asian markets. Sharp retreat in dollar encouraged some buying in commodities and commodity allied stocks but further lack of positive news restricted benchmark indices to gather momentum.
Domestic indices lost more ground during final trading after huge selling pressure emerged across the board. Investors off-loaded positions across sectors barring oil & gas stocks. Among those who witnessed most of the selling were realty, technology, IT, capital goods, FMCG, power and auto stocks.
The 30-share BSE Sensex closed lower by 166.93 or 0.99% points at 16,719.50 and 50-share NSE Nifty ended down by 50.25 points or 1% at 4,969.95.
Leading the losers from the BSE pack was Jaiprakash Associates down by 6.34% to Rs234.15, Bharti Airtel by 3.54% to Rs413.40, Reliance Communications by 3.01% to Rs298.40, Mahindra & Mahindra by 2.62% to Rs865.05, Hindustan Unilever Ltd by 2.38% to Rs258.20, Reliance Infra by 2.34% to Rs1,216.30 and Larsen & Toubro by 2% to Rs1,634.75.
The few gainers on BSE were HDFC Bank up by 1.45% to Rs1,568.95, Sterlite Indsutries by 1.09% to Rs768.35, ONGC by 0.65% to Rs1,211.70, Sun Pharma by 0.58% to Rs1,161.25 and Reliance by 0.24% to Rs2,101.40.
In the global markets front, the Asian markets ended mostly lower. Investors waited for clues from the US Federal Reserve about the global recovery’s strength. Japan’s index Nikkei dropped by 0.7% on short-covering and Hong Kong’s Hang Seng ended lower by 0.4%.