Sensex Collapses By 300 Points, Markets Bleed Red
Suparna / 26 Feb 2013
The Indian markets continued to suffer in the last hour of trade tracking weak global cues and the selling pressure in heavyweights like HDFC, Bajaj Auto and Hindalco Industries. Also, there was no positive surprise in the Railway Budget which could have set the tempo for the market. Nifty closed at 5761 and Sensex closed at 19,015.
The Indian markets continued to suffer in the last hour of trade tracking weak global cues and the selling pressure in Heavyweights like HDFC, Bajaj Auto and Hindalco Industries. Also, there was no positive surprise in the Railway Budget which could have set the tempo for the market. At the end of the day, Nifty closed below the 5800 mark at 5761, down by 93 points and Sensex closed at 19,015, down by 300 points.
The advance–decline ratio ended on the negative side at the end of the day. On the NSE, 1215 shares closed in red and 221 shares closed in green.
Top 5 Gainers on NSE: Bharti Airtel ended up by 1.56% as the top gainer on NSE, followed by Tata Consultancy Services, Infosys, Grasim and NTPC.
Top 5 losers on NSE: Hindalco Industries ended the day as the top loser on NSE, down by 4.59%, followed by Bajaj Auto, Ranbaxy, HDFC and ONGC.
Most of the sectors ended in red. Auto and Oil & Gas declined by more than 2%, followed by Capital Goods, Metal and PSU. IT and Teck provided some cheer as they ended up in the range of 0.87%-1.09%.
The global equities are under stress as no party has won a Senate majority in Italy’s Elections, extending fears of the euro zone debt crisis. The European markets stumbled too. The CAC 40 is trading down by 1.95%, followed by DAX trading lower by 1.78% and FTSE 100 is trading down by 1.22%.
Meanwhile, the Asian markets ended down. Nikkei 225 is closed down by 2.31%, followed by Shanghai Composite, Hang Seng and Strait Times.
Buzzers: The stocks of Bajaj Auto tumbled down by 4% to close at 1921. It touched its four- month low over heavy volumes. The scrip was holding on levels in a falling market but today bears dragged the stock down and it went below its important moving averages.
IT stocks carry on their upward movement and continue to outperform the market. Infosys and Tata Consultancy Services hit a fresh 52-week high. Both the stocks closed with gains of more than 1% at Rs 2959 and Rs 1496 respectively.
As we mentioned in our update earlier, the next support for Nifty below 5819 will come in at 5740 and 5690. Nifty made a low of 5748.
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