Mid-Market— Indian markets experience bloodbath; Rate sensitive stocks tumble on rupee concern Analysis for Aug 16, 2013

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Indian markets continued to experience bloodbath today with 30-share benchmark index Sensex down around 500 points during mid-session, in line with the rupee which breached the psychological 62/USD mark today. It seemed like all the efforts of RBI and the government were going waste as rupee offered no glimpse of recovery. Rate sensitive stocks were among the most beaten down today with Bank Nifty hitting 14-month low on the concerns that liquidity tightening measures will not be rolled back in the near term. Auto, realty, consumer durables were also giving up as rupee went on to hit new lows. Sentiments across Asia are otherwise also not very good as strong US data reinforced recovery in world"s largest economy, fueling concerns that US Fed will wind up its QE anytime soon.

At 12:31PM BSE SENSEX was at 18901.74 down by 465.85 points or by 2.41 per cent while NSE Nifty was at 5581.4 down by 160.9 points or by 2.8 per cent.

The BSE MIDCAP was at 5485.95 down by 104.84 points or by 1.88 per cent. while the BSE SMLCAP was at 5305.03 down by 80.46 points or by 1.49 per cent.

The top losers of the BSE Sensex pack were Bharat Heavy Electricals Ltd. (Rs. 109.80,-7.46%), Maruti Suzuki India Ltd. (Rs. 1325.75,-4.77%), Housing Development Finance Corporation Ltd. (Rs. 745.10,-4.71%), HDFC Bank Ltd. (Rs. 595.05,-4.16%), Larsen & Toubro Ltd. (Rs. 765.00,-4.14%), among others.

The top gainers of the BSE Sensex pack were Hero MotoCorp Ltd. (Rs. 1967.40,+1.60%), Wipro Ltd. (Rs. 464.75,+1.01%), Tata Motors Ltd. (Rs. 320.25,+0.30%), among others.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2144, shares advanced were 605 while 1439 shares declined and 100 were unchanged.

In BSE, BSE_CDS index was at 5926.93 down by 505.64 points or by 7.86%. Titan Industries Ltd. (Rs. 241.10,-11.80%), PC Jeweller Ltd. (Rs. 89.50,-5.04%), Whirlpool of India Ltd. (Rs. 162.10,-4.68%), VIP Industries Ltd. (Rs. 44.35,-3.17%), Bajaj Electricals Ltd. (Rs. 160.70,-2.64%),.

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Story first published: Friday, August 16, 2013, 13:00 [IST]
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