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BW Businessworld

Sensex Drops 135 Pts To One Month Low

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Stock markets fell for the second straight session with the benchmark Sensex on Tuesday (10 March) sliding 134.91 points to one-month low of 28,709.87 as investors sold realty, power and oil&gas shares amid lingering worries over an earlier-than-expected hike in US interest rates.

After on Monday's (09 March) over 604-point crash, the 30-share BSE Sensex opened in positive terrain but soon succumbed to selling pressure. It touched day's low of 28,584.49.

A late round of buying helped reduce some losses and the Sensex settled at 28,709.87, its weakest closing since February 11, down 134.91 points, or 0.47 per cent. Intra-day, it touched a high of 28,949.11.

The 50-issue NSE Nifty lost 44.70 points,or 0.51 per cent, to settle the session at 8,712.05. Intra-day, it dipped below the key 8700-mark to touch a low of 8,677.35.

Prominent losers that pulled down the indices include HDFC, Hindustan Unilever, Hindalco, Sun Pharma, Tata Steel, Tata Power, NTPC, RIL, SBI, Axis Bank, HDFC Bank and Dr Reddy.

Sesa Sterlite, Tata Motors, Maruti Suzuki, L&T, GAIL, Cipla and ONGC also saw moderate losses.

As many as 20 out of 30 Sensex constituent stocks closed in the red, while 10 ended in the green.

Shares of telecom firms such as Airtel, Idea and RCom were in the limelight after analysts said bidding intensity in the ongoing spectrum auction has subsided.

Select stocks in auto space like M&M, Bajaj Auto and Hero Moto rose after car sales in India grew by 6.85 per cent in February. Also, industry body SIAM said it expects sales to be in positive with single-digit growth this fiscal.

The mood was cautious amid a persisting downward trend in global markets that negatively impacted domestic equities.

Foreign Portfolio Investors bought shares worth net Rs 838.30 crore while Domestic institutional Investors sold shares worth Rs 35.31 crore on Monday, provisional data shows.

Sectorally, the BSE Realty index suffered the most by losing 1.83 per cent, followed by Oil & Gas (0.78 per cent), Power (0.63 per cent), Banking (0.49 per cent), Capital Goods (0.41 per cent) and FMCG (0.39 per cent) among others.

Bucking the trend, Consumer Durables index rose 1.20 per cent, Teck index 0.78 per cent, Metal index 0.58 per cent and Auto index 0.37 per cent.


European were trading marginally lower in late morning deals as renewed concerns over the Greece weighed on the market sentiment. The CAC was trading lower by 0.25 pct, the DAX by 0.29 pct and the FTSE by 0.28 pct.

The investors wealth was eroded by over Rs 1.80 crore in two day's fall from Monday.

Among the sectoral indices, Realty plummeted by 1.83 per cent, Oil&gas 0.78 per cent, Power 0.63 per cent, Bankex 0.49 per cent, FMCG 0.39 and Healthcare 0.19 per cent.

However, Technology rose by 0.78 per cent and metal gained by 0.58 per cent.

Bucking the general trend a handful of telecom stocks attracted huge investors' appetite after recent slide.

In the 30-share Sensex pack, 21 scrips ended with losses, while remaining 9 ended with good gain.

The total market breadth remained weak as 1,600 stocks ended in negative terrain, 1243 ended in positive while 118 ruled steady.

Major losers included HDFC that fell by (3.89 per cent) Hindalco (2.06 per cent), Hindunilver (1.81 per cent), Sun Pharma (1.58 per cent), Tata Power (1.34 per cent), Tata Steel (1.28 per cent), NTPC (1.15 per cent), Reliance (1.10 per cent), SBIN (1.05 per cent), Axis Bank (1.00 per cent) Dr Reddy (0.83 per cent), Sesa Sterlitte (0.78 per cent) and Tata Motors (0.73 per cent).

Notable gainers were Bharti Airtel jumped by 7.09 per cent, Coal India by 3.84 per cent, M&M 1.74 per cent, BHEL 0.80 per cent, Bajaj Auto 0.75 per cent and Heromotoco 0.63 per cent.

The total turnover on the BSE slumped to Rs 3,633.57 crore as against Rs 4,610.46 crore on Monday.

(PTI)


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