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Rediff News  All News  » Business » Markets end flat after SC verdict on coal block allocation

Markets end flat after SC verdict on coal block allocation

Last updated on: August 25, 2014 16:23 IST

Benchmark indices which hit fresh record highs early on Monday ended flat amid selling pressure in metal and power stocks after the Supreme Court on Monday held that guidelines were breached in coal block allocations during the UPA government and that the terms of allotment, going as far back as 1993, were themselves illegal.

However, the 30-share Sensex ended at a record closing high up 17 points at 26,437 after hitting a fresh record high of 26,631 and the 50-share Nifty ended down seven points at 7,906 after hitting a fresh record high of 7,968.

The sell-off was more prominent in the broader markets with both the mid and smallcap indices down 0.6% and 0.4% respectively.

Sectors & Stocks

Metal index down over 4% was the top sectoral loser along with Realty, Power and Banking index down 1-2%.

Oil & Gas, Capital Goods and Consumer Durables were the other indices to close in red, down 0.3-1%.

Defensive pocket like IT, FMCG and Health Care were back in focus with the respective indices registering gains of 0.5-1%.

Metal stocks lost ground fter the Supreme Court's crack down on coal block allocation. As a result, Hindalco, Tata Steel, Sesa Sterlite and Tata Power slipped 3-10% were the top losers among Sensex-30.

ICICI Bank, Axis Bank, GAIL and L&T down 1% each were the other notable losers.

TCS, HUL, Dr Reddys and Hero MotoCorp up 2-2.5% were the top gainers for the day.

The market breadth was negative on BSE. 1,624 stocks declined while 1,393 stocks advanced.

Global Markets

Most Asian markets with the exception of China ended with firm gains on Monday with Japanese shares rebounded to hit three and a half week highs.

Shares in Japan rebounded to end at their highest closing level since end July with exporter shares leading the gains after the yen depreciated against the US dollar.

The Nikkei was up 0.5%. Shanghai Composite down 0.5% was the only index to close in red.

In Europe, CAC and DAX were up 1% each while FTSE was flat with a negative bias.

SI Reporter in Mumbai