Markets continue to sulk; banking stocks bleed Analysis for Mar 09, 2015

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The key domestic benchmark indices continued to bleed in the red, weighed down by weak global cues and profit booking after recent run-up in share prices. The 30-share benchmark index tanked over 510 points, while NSE Nifty was trading down by 173 points. Further, a sharp decline in rupee too, weighed on the sentiments of the investors. The rupee plummeted by 50 paise to 62.66 against the US dollar in early trade today as the American currency strengthened overseas. Forex dealers said besides the dollar's gains against other currencies overseas on an upbeat US jobs data, fresh demand from importers for the Greenback and a weak opening in the domestic stock market put pressure on the rupee.

At 2:05PM BSE SENSEX was at 28939.58, down by 509.37 points or by 1.73 per cent, while NSE Nifty was at 8763.8, down by 173.95 points or by 1.95 per cent.

The BSE MIDCAP was at 10938.46 down by 106.62 points or by 0.97 per cent, while the BSE SMLCAP was at 11376.38, down by 80.47 points or by 0.7 per cent.

The BSE Sensex touched an intraday high of 29321.06 and an intraday low of 28843.48, while the NSE Nifty touched an intraday high of 8891.3 and an intraday low of 8754.1.The top gainers of the BSE Sensex pack were Hindustan Unilever Ltd. (Rs. 963.00,+2.56%), Dr. Reddy's Laboratories Ltd. (Rs. 3469.10,+0.86%), among others.

The top losers of the BSE Sensex pack were ICICI Bank Ltd. (Rs. 334.50,-3.81%), Sesa Sterlite Ltd. (Rs. 202.60,-3.57%), Axis Bank Ltd. (Rs. 594.80,-3.54%), GAIL (India) Ltd. (Rs. 390.15,-3.43%), Bharat Heavy Electricals Ltd. (Rs. 260.55,-3.32%), among others.

Among the sectors, In BSE, BSE_HCS index was at 17039.85 up by 48.52 points or by 0.29%. Glenmark Pharmaceuticals Ltd. (Rs. 848.45,+2.11%), Wockhardt Ltd. (Rs. 1724.40,+1.75%), Lupin Ltd. (Rs. 1863.55,+1.37%), Ranbaxy Laboratories Ltd. (Rs. 814.95,+1.15%), GlaxoSmithKline Pharmaceuticals Ltd. (Rs. 3310.00,+1.15%),.

On the flip side, In BSE, BSE Power index was at 2234.22 down by -52.15 points or by -2.28%. Adani Power Ltd. (Rs. 55.85,-5.90%), Bharat Heavy Electricals Ltd. (Rs. 260.55,-3.32%), Reliance Power Ltd. (Rs. 58.95,-3.28%), NTPC Ltd. (Rs. 152.65,-3.23%), Reliance Infrastructure Ltd. (Rs. 475.05,-3.00%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2955, shares advanced were 949 while 1870 shares declined and 136 were unchanged.

Story first published: Monday, March 9, 2015, 14:36 [IST]
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