Sensex Slumps On Likely AAP Victory, Euro Worries

Business

oi-Sunil

By Sunil Fernandes

Updated: Monday, February 9, 2015, 9:41 [IST]

Benchmark indices opened the day sharply lower on the back of worries that the AAP would win the Delhi elections posting a setback to the Narendra Modi government.

The Sensex was last trading lower by 210 points, while the Nifty was down 63 points in trade. Leading the set of losers from the Nifty were stocks like ICICI Bank, Canara Bank, Axis Bank and Yes Bank continued to grind lower.

Reality stocks also dropped lower with stocks like Phoenix, DLF and HDIL were trading lower. NMDC was down after the company cut prices of iron ore for the month of Feb.

IPCA Labs saw some selling pressure after the company reported a sharp drop in net profits. ONGC and Sun Pharma were the only gainers from the Sensex stocks.

IT stocks managed to show some resilience in trade with Infosys, TCS and Wipro marginally down. Mid cap stocks also saw some huge selling pressure with stocks like Voltas and Crompton Greaves among the early losers.

Meanwhile, markets across Asia were trading lower over worries a possible Greece exit from the Eurozone.

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