Mayhem Reigns, Indices Close Lower
Suparna / 23 May 2013
The India markets hit fresh intraday lows in the last hour of trade. Negative cues from the European and Asian markets added to the bearish sentiment. The Nifty closed down by 127 points at 5967 and Sensex was 371 points lower at 19,690.
The India markets hit fresh intraday lows in the last hour of trade owing to selling pressure in SBI and Larsen & Toubro. Negative cues from the European and Asian markets added to the bearish sentiment. The 50-share Nifty index closed down by 127 points at 5967 and Sensex was 371 points lower at 19,690.
The advance-decline ended on the negative side. On the NSE, 1071 shares ended in the red and only 241 shares were in the green.
Top 5 Nifty Gainers: Sun Pharma ended as the top index gainer, up by 0.48%. Tata Motors, UltraTech Cements, HDFC and Hindustan Unilever were among the others in gains.
Top 5 NSE Losers: Reliance Infrastructure closed down by 10.20%, and others that followed were Ranbaxy Labs, Jaiprakash Associates, SBI and DLF.
The sectoral indices all ended in the red. Realty was down by more than 5%. Capital Goods, Bankex and Power were among the other key losers.
In Asia, Japan’s Nikkei 225 ended lower by 7.89% at 14,483, its biggest one-day percentage drop in 2 years. Weak Chinese factory data rattled investors and traders, prompting them to take profits from a recent rally sustained by massive stimulus measures by the Bank of Japan. The Hang Seng, Taiwan Weighted, Straits Times and Shanghai Composite were all in the red zone too.
The European markets are in the deep red. So far, DAX is trading lower by 2.73%, CAC 40 is down 2.48% and FTSE 100 has dipped 1.99%.
Buzzers: India’s largest lender, SBI, dipped more than 8% to Rs 2166. The fall was seen after the company reported a 19% YoY drop in net profits, which came in at Rs 3,299 crore for the quarter ended March 31, 2013 due to lower net interest income and higher provisioning for bad loans.
The shares of Real Estate, Infrastructure and Capital Goods companies saw a heavy sell-off in today’s trading session. Real estate major DLF has plunged by more than 6% to Rs 211, and Reliance Infrastructure lost over 10%. In the Capital Goods space, Larsen & Toubro, Crompton Greaves, BEML, Punj Lloyd and Siemens all dipped in the range of 4%-8%.
Ahead, the Nifty market may consolidate in the range of 5930-5970.
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