The News International Team
The market took a U-turn today, giving up morning gains as the Nifty fell more than 150 points from the day’s high. The broader markets showed some resilience but traded in the red, down 0.4 percent.
The Sensex lost 327.95 points or 1.13 percent to 28602.46 and the Nifty plunged 97.30 points or 1.11 percent to 8678.70 due to selling in banks, FMCG, capital goods, auto and technology stocks.
Nearly two shares declined for every share advancing on the Bombay Stock Exchange.
Insurance companies got a further boost as the Insurance Bill passed in Rajya Sabha yesterday. Industry voices gave it a thumbs up. SBI Life Insurance told CNBC-TV18 that the company is in preliminary talks with BNP Paribas. Brokerages too sound bullish.
Jindal Steel and DLF traded weak ahead of key court orders. JSPL fell over 2 percent as hearing on coal blocks Gare Palma IV 2 & 3 likely is today while DLF remained in focus as the Securities Appellate Tribunal is likely to give its final order in the DLF against SEBI case.
Tata Motors fell more than 1 percent as JLR’s total retail sales declined 5.9 percent year on year due to product transition phase. Bajaj Auto plunged 2.6 percent after brokerage house CLSA maintained underperform rating on the stock, citing structural as well as cyclical headwinds.
Shares of HDFC Bank, L&T, ITC, Axis Bank, ICICI Bank, Reliance Industries, Sun Pharma, HUL and Wipro slipped 1-2.5 percent.
Meanwhile, the Indian rupee also declined following weakness in equity markets, down 20 paise to 62.70 a dollar.
However, Asian markets remained strong. Japan’s Nikkei hit a fresh multi-year high, breaching the 19,000 level. Brent crude held USD 57 a barrel on a weaker dollar.