Housing finance company HDFC topped the selling list on Sensex, down 3.8 percent followed by Infosys, ICICI Bank, Larsen & Toubro, State Bank of India, Sun Pharma, ITC, M&M, ONGC, Hero Motocorp and Bharti Airtel with 1-3.5 percent losses.
Equity benchmarks completely wiped out previous day's gains on Wednesday, tracking sell-off in global stock markets despite China rate cut and ahead of expiry of August derivative contracts. The rupee was rangebound against US dollar. Benchmark indices failed to hold psychological levels due to selling pressure in banking & financials and healthcare stocks. The 30-share BSE Sensex cracked 317.72 points or 1.22 percent to 25714.66 and the 50-share NSE Nifty ended below the 7800-mark, down 88.85 points or 1.13 percent to 7791.85. The BSE Midcap also lost ground, down 0.8 percent. Raamdeo Agarwal of Motilal Oswal feels the market may not move much this year due to pressure on commodity stocks. However, this is a good time to buy into quality stocks, he said. Globally, Asian markets closed mixed despite the liquidity easing measures by China. Shanghai Composite index ended lower by 1.3 percent after a choppy session and Hang Seng lost 1.5 percent while Nikkei rallied 3.2 percent. European markets were down 1 percent each (at 16 hours IST). Commodities were rangebound as the dollar gained marginally after China's easing measures. NYMEX crude was up 0.1 percent at USD 39.35 a barrel and and Brent crude rose 0.3 percent to USD 43.34 a barrel while gold fell 0.6 percent to USD 1,131 an ounce. Back home, housing finance company HDFC topped the selling list on Sensex, down 3.8 percent followed by Infosys, ICICI Bank, Larsen & Toubro, State Bank of India, Sun Pharma, ITC, M&M, ONGC, Hero Motocorp and Bharti Airtel with 1-3.5 percent losses.
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