rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » Sensex loses 300 points, Nifty records highest single-day loss

Sensex loses 300 points, Nifty records highest single-day loss

Last updated on: November 20, 2013 16:09 IST

Sensex loses 300 points, Nifty records highest single-day loss

More
SI Reporter in Mumbai

Benchmark shares indice ended sharply lower after investors booked profits after gains in the previous three sessions with index heavyweights and private banks leading the decline.

The 30-share Sensex ended down 305 points at 20,585.

The 50-share Nifty ended down 80 points at 6,123 recording its highest single-day loss since September 30 when the benchmark index had dropped 98 points.

Foreign Institutional Investors turned net sellers in the derivatives segment on Tuesday with net sales of Rs 668 crore, of which Rs 584 crore was in the options segment.

The weakened today due to dollar buying by banks. Subdued equity markets also impacted the rupee.

The rupee was trading at Rs 62.57 compared with previous close of Rs 62.38 per dollar

Asian markets ended mixed. Japan's Nikkei ended 0.3% lower following a stronger yen and profit taking in financials after recent gains.

Among other indices in the region, Straits Times ended down 0.3% while Hang Seng gained 0.2% and Shanghai COmposite ended 0.6% higher.

European shares were trading weak as investors turned cautious ahead of the US economic data and minutes of the US Fed meeting held in October.

The FTSE-100 was down 0.2% while CAC-40 was down 0.1% and DAX was trading flat with negative bias.

Except for the Metal index all sectoral indices on the BSE ended lower. BSE Bankex was the top loser down 1.8% followed by Consumer Durables, Auto, Capital Goods, Oil and Gas indices. Metal index was the sole gainer up 0.2%.

Among the index heavyweights, ICICI Bank, Reliance Industries and Infosys were among the top losers.

Other Sensex losers include, HDFC Bank, L&T, Bharti Airtel, HDFC, and FMCG majors ITC and Hindustan Unilevers.

Infosys ended down 1.2. Recently Stephen Pratt, executive council member, and head of utilities and resources for North America had resigned from the company.

Among other shares, Shriram EPC gained 2.1% to end at Rs 32 after it said that it has received multiple orders amounting to Rs 214 crore.

Wyeth jumped 20% to end at Rs 777 on NSE after the pharmaceutical company announced the amalgamation of the company with Pfizer. The board of directors of the company will meet on November 23, 2013, to consider a scheme of amalgamation of the company with Pfizer, Wyeth said in a regulatory filing.

Ceat has rallied 9% to end at Rs 257, extending it’s month long rally on BSE, after reporting a strong set of numbers for the quarter ended September 30, 2013 and higher earnings prospects on the back of lower raw material prices.

Shares of companies engaged in online retail portals and e-commerce business such as Just Dial and Info Edge (India) rallied 4-15% in an otherwise subdued market after private equity investors recently infused funds in these companies.

The broader market ended mixed. The BSE Mid-cap index dipped 0.1% and small-cap index ended 0.2% higher.

Market breadth was marginally negative with 1,269 losers and 1,246 gainers on the BSE.


Image: Bombay Stock Exchange.
Photographs: Reuters

Source: