» Business » Markets snap 7-day winning streak; RIL dips 3%

Markets snap 7-day winning streak; RIL dips 3%

By Indrani Mazumdar and Surabhi Roy
Last updated on: February 20, 2015 16:10 IST
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The Bombay Stock ExchangeMarkets snapped seven day winning streak on sustained selling in energy and IT shares with Reliance contributing the most to the decline after one of its employees was arrested by the Delhi Police for illegally sourcing government documents.

Further, caution prevailed across the bourses ahead of the Union Budget to be presented in the forthcoming week.

The Sensex ended 231 points lower at 29,231 whereas the Nifty slipped 62 points to close at 8,834.

However, BSE Midcap index ended flat while BSE Smallcap index outperformed the large counterparts and ended 0.5% higher.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 1542.70 crore on Thursday, as per provisional data. Domestic institutional investors (DIIs) sold shares worth a net Rs 195.74 crore on Thursday, as per provisional data released by the stock exchanges.

On the global front, tension in bound to persist between Germany and Greece in search of a last minute bailout compromise, with Berlin insisting Athens to accept continued austerity in return for fresh aid.


The rupee was trading strong by 9 paise at 62.25 against the dollar on fresh dollar selling by banks and exporters despite weak equity market.


Oil markets edged up on Friday to halt a two-day drop, helped by expectations that data later in the day would show a continued decline in the U.S. oil rig count, a clear sign of the pressure the tumble in crude has put on crude producers.

Budget 2015: Complete Coverage


On the sectoral front, BSE Oil & Gas index emerged as the top loser down nearly 2% followed by BSE IT, Teck and Metal indices down between 0.5-1.5%.

However, BSE Realty index was the top gainer up 0.8% followed by BSE FMCG index up 0.7%.

Reliance Industries emerged as the top Sensex loser down 3% amid reports that one of its employees was arrested by the Delhi Police for illegally sourcing government documents.

Further, reports suggest that the company has also issued a separate clarification stating that it has launched an internal probe after coming to know that one of its employees has been detained by law enforcement authorities.

A strong rupee casted its shadow on the IT stocks. Infosys lost around .2% and Wipro shed over 1%. However, TCS ended flat.

TCS has been recognised as the fastest growing IT services brand globally over the last five years by Brand Finance which assesses the dollar value of the reputation, image and intellectual property of the world's leading companies.

The promoters of Hero MotoCorp, Munjals, on Thursday sold another tranche of theirequity holding worth Rs 944.76 crore.

On Wednesday, the Munjals had sold shares worth Rs 1,865.44 crore.

The stock lost 0.

Coal India lost 0.6%. The company says the board will consider interim dividend for year 2014-153% on Feb 27th.

Tata Steel lost 0.4%. The company Tata Steel has won a major contract to supply more than 57 kilometres of rail for London’s Crossrail project.

Tata Power, ICICI Bank, Bharti Airtel, HDFC and L&T were some of the prominent losers on the BSE and were down between 1-3%.

On the flip side, BHEL gained 5% on renewed buying interest at lower levels. The stock has witnessed profit taking after it hit a 52-week high of nearly Rs 299.50 early this month.

Hindalco extended gains and is was 0.2% after after it won the Gare Palma coal mine in Chhattisgarh by outbidding companies like BALCO, Sesa Sterlite, Ambuja Cements, which were also vying for the same block. Sesa Sterlite is down 0.5%.

ITC, M&M and Dr Reddy’s Lab were some of the notable gainers and were up between 0.4-2%.

Shares of companies related to railways sector including Titagarh Wagons, Kalindee Rail and Texmaco were in focus and rallied by up 20% on the bourses on back of heavy volumes.

Budget 2015: Complete Coverage

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Indrani Mazumdar and Surabhi Roy in Mumbai
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