New Delhi: Markets plunged southward to end 1.63% down on unfavorable cues from the global markets and weighed down by political uncertainty over 15th Lok Sabha elections result.
Before being bogged down by selling pressure, the Bombay Stocks Exchange benchmark Sensex opened on firm note backed by positive cues from Asian markets. US stock markets on Friday had also closed higher as financial stocks rallied on of bank stress tests by the government.
All sectoral indices ended in red with realty battered the most, down by 5.19%. Other significantly off-loaded stocks were consumer durable, capital goods, metal, technology and power.
Negative opening of European markets further lowered the 30-share BSE index that ended lower by 193.44 points at 11,682.99 and the 50-shre NSE Nifty closed down by 66.10 points at 3,554.60.
Topping the losers list on the BSE index was DLF Ltd, low by 5.10% to Rs228.15, State Bank of India by 4.86% to Rs1,260.70, Reliance Communication by 4.64% to Rs218.95, Jaiprakash Associates by 4.61% to Rs135.55, Tata Motors by 4.28% to Rs256.90, Tata Steel by 3.84% to Rs271.65, Ranbaxy Laboratories by 2.98% to Rs172.85 and Hindustan Unilever Ltd by 2.94% to Rs 226.05.
Other realty losers along with DLF were, Unitech Ltd down by 8.90%, Ansal Infra by 5.64% and Parsvnath 5.22%.
Hindustan Unilever Ltd also contracted by 2.94% after the company reported a lower than expected rise of 3.68% in net profit in its last quarter.
Since car sales in India have continued rising for the third month, most of the gainers on BSE were auto stocks. Top slot was of Mahindra & Mahindra up by 1.57% to Rs502, followed by ICICI Bank by 0.55% to Rs523.45, Sun Pharma by 0.46% to Rs1,291.70, Maruti Suzuki by 0.33% to Rs832.75 and Tata Power by 0.24% to Rs902.40.
Asian markets which had opened positive, ended mixed, Japan’s Nikkei ended up by 0.2% and Hong Kong’s Hang Seng lowered by 1.7%.