Sensex plummets 322 points to end below 19,000 on rate hike fears

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Today bears ruled the Dalal Street, with Sensex plunging over 300 points, below the crucial 19,000 mark for the first time since November 2010 on increasing inflation and on concerns that the Reserve Bank may hike interest rates.

At the close, the benchmark 30-share index, BSE Sensex declined 322.38 points or 1.68% at 18,860.44 with 25 components registering drop. Meanwhile, the broad based NSE Nifty fell by 97.35 points or 1.69% at 5,654.55 with 43 components registering drop.

“After a really bad start to 2011, one would have thought there will be some bounce back. But, as it happens so many times, the market has its own way of surprising the participants. Weaker than expected IIP data coupled with the rise in inflation were the main culprits this week. Clearly, the Indian economy is confronting a few headwinds as of now and one needs to be careful in the near term before there is more clarity,“ said Amar Ambani, Head of Research, IIFL.

Sensex Movers

Housing Development Finance Corporation contributed fall of 42.71 points in the Sensex. It was followed by H D F C Bank (42.07 points), Reliance Industries (32.03 points), Larsen & Toubro (27.37 points) and I C I C I Bank (23.76 points).

However, Wipro contributed rise of 6.24 points in the Sensex. It was followed by Tata Power Company (5.86 points), Mahindra & Mahindra (0.51 points), Hindustan Unilever (0.27 points) and Grasim Industries (0.11 points).

Biggest gainers in the 30-share index were Tata Power Company (2.11%), Wipro (1.77%), Jindal Steel & Power (0.31%), Mahindra & Mahindra (0.13%), and Hindustan Unilever (0.07%).

On the other hand, Tata Motors (4.62%), H D F C Bank (4.16%), Housing Development Finance Corporation (3.95%), Sterlite Industries (India) (3.45%), Bajaj Auto (3.09%), and Maruti Suzuki India (2.88%) were the biggest losers in the Sensex.

Mid & Small-cap Space

The BSE Mid and small caps outperformed their larger counterparts declining 1.18% and 1.04% respectively.

The major losers in the BSE Midcap were A I A Engineering (2.18%), Alstom Projects India (1.97%), A B G Shipyard (1.45%), A2Z Maintenance & Engineering Services (1.15%) and Aban Offshore (0.97%).

The major losers in the BSE Smallcap were A K Capital Services (4.76%), Provogue (India) (3.23%), INEOS ABS (India) (2.42%), Abhishek Industries (1.91%) and Aarti Industries (0.17%).

Sectors in Limelight

The Realty index was at 2,524.31, down by 72 points or by 2.77%. The major losers were Indiabulls Real Estate (3.69%), D L F (2.3%), D B Realty (1.93%), Anant Raj Industries (1.49%) and Ackruti City (0.33%).

The Bankex index was at 11,850.60, down by 319.43 points or by 2.62%. The major losers were Canara Bank(4.49%), H D F C Bank (4.16%), Bank Of India (2.62%), Federal Bank (0.72%) and Bank Of Baroda (0.33%).

The Metal index was at 16,371.60, down by 410.21 points or by 2.44%. The major losers were JSW Steel (3.29%), Hindalco Industries (2.09%), National Aluminium Company (1.87%), Bhushan Steel (1.38%) and Hindustan Zinc (1.35%).

The Auto index was at 9,259.02, down by 219.13 points or by 2.31%. The major losers were Ashok Leyland (4.28%), Apollo Tyres (3.9%), Bajaj Auto (3.09%), Bharat Forge (1.69%) and Amtek Auto (0.27%).

Market Breadth

Market breadth was negative with 889 advances against 2,028 declines.

Value and Volume Toppers

State Bank Of India topped the value chart on the BSE with a turnover of Rs. 2,096.58 million. It was followed by Reliance Industries (Rs. 1,137.74 million), Tata Steel (Rs. 977.96 million) and Larsen & Toubro (Rs. 844.65 million).

The volume chart was led by Shree Ashtavinayak Cine Vision with trades of over 70.28 million shares. It was followed by Suzlon Energy (9.05 million), Ispat Industries (6.04 million) and Alok Industries (5.01 million).

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This post was submitted by Mudit Agrawal.

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