Lack of participation pulls Sensex down 613 pts
Key indices traded the vicinity of the previous closing levels the first half of the day, till a wave of selling pushed shares sharply lower by the close.
By INDIATIMES NEWS NETWORK |
MUMBAI - Key indices traded the vicinity of the previous closing levels the first half of the day, till a wave of selling pushed shares sharply lower by the close. In the absence of any positive trigger, investors chose to book profits from the recent relief rally. Data on the exchanges also showed volumes were low, indicating confidence toward equity investment is still lacking.
“There was no negative trigger to pin point. I assume this was delivery based selling possibly by institutional funds,” said Suresh Kumar Iyer, technical analyst at Asit C Mehta Investment Interrmediates.
“There is excess supply and very little demand in the market.
Inspite of the drop, there were no takers at lower levels. The liquidity situation has improved, but even though people may have money, they are not ready to buy,” Iyer added.
National Stock Exchange’s Nifty ended at 5133.25, down 189 points or 3.56 per cent. The index fell to the low of 5113.85 after touching a high of 5344.60. The exchange reported a turn over of Rs 13982.67 crore in the cash segment.
Bombay Stock Exchange’s Sensex plunged 613 points or 3.38 per cent to close at 17,526.93. The benchmark swung 706.4 points intra-day touching a low of 17,492.28. The high was 18,198.68.
Declines were led by Hindalco (down 5.63%), Reliance Communications (5.5%), NTPC (5.13%), Reliance Industries (4.98%), ICICI Bank (4.13%) and Bharti Airtel (4.2%). ACC, up 1 per cent, was the lone gainer in the 30-share index.
On BSE, 2,002 declines outnumbered 803 advances.
All Asian markets, barring Japan, were shut today on account of Lunar New Year. Japan’s Nikkei and Topix were up 0.82 per cent and 0.5 per cent respectively.
In Europe, FTSE 100 was down 0.78 per cent, DAX 30 fell 0.79 per cent and CAC 40 declined 0.99 per cent, at the time Indian markets shut. Post market hours, the Bank of England cut its benchmark interest rate by a quarter-point in response to slowing consumer spending and the steepest decline in house prices in a decade.
“There was no negative trigger to pin point. I assume this was delivery based selling possibly by institutional funds,” said Suresh Kumar Iyer, technical analyst at Asit C Mehta Investment Interrmediates.
“There is excess supply and very little demand in the market.
Inspite of the drop, there were no takers at lower levels. The liquidity situation has improved, but even though people may have money, they are not ready to buy,” Iyer added.
National Stock Exchange’s Nifty ended at 5133.25, down 189 points or 3.56 per cent. The index fell to the low of 5113.85 after touching a high of 5344.60. The exchange reported a turn over of Rs 13982.67 crore in the cash segment.
Bombay Stock Exchange’s Sensex plunged 613 points or 3.38 per cent to close at 17,526.93. The benchmark swung 706.4 points intra-day touching a low of 17,492.28. The high was 18,198.68.
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Declines were led by Hindalco (down 5.63%), Reliance Communications (5.5%), NTPC (5.13%), Reliance Industries (4.98%), ICICI Bank (4.13%) and Bharti Airtel (4.2%). ACC, up 1 per cent, was the lone gainer in the 30-share index.
On BSE, 2,002 declines outnumbered 803 advances.
All Asian markets, barring Japan, were shut today on account of Lunar New Year. Japan’s Nikkei and Topix were up 0.82 per cent and 0.5 per cent respectively.
In Europe, FTSE 100 was down 0.78 per cent, DAX 30 fell 0.79 per cent and CAC 40 declined 0.99 per cent, at the time Indian markets shut. Post market hours, the Bank of England cut its benchmark interest rate by a quarter-point in response to slowing consumer spending and the steepest decline in house prices in a decade.
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