Bihar Hangover Continues For Markets; Sensex Crashes 378 Points

Business

oi-Sunil

By Sunil Fernandes

Updated: Tuesday, November 10, 2015, 15:46 [IST]

It has not a very Happy Diwali for stock market investors with the Sensex slumping another 378 points in trade, making it 11 losses in 12 trading sessions and perhaps one of the worse string of losses this year.

The Sensex ended the day at 25,743 points, as investors continued to remain worried over the outcome of the Bihar elections. The real concern is that the government many not be able to push reforms in the Rajya Sabha as the opposition would have got more bold after the Bihar elections.

Foreign Portfolio Investors have been selling heavily and chances are that they might have pressed sales heavily even today. Shares in Interglobe Aviation, the company that owns Indigo Airlines got listed. The stock ended higher by 16 per cent in a falling market.

Pharma shares continued to have a very dismal day in trade with Dr Reddy's falling almost 5.67 per cent, while Sun Pharma dropped 3 per cent. Other Nifty losers were Vedanta, Reliance and Bharat Heavy.

Auto and two-wheeler stocks were the stars in trade with Bajaj Auto, Hero Motor Corp and Maruti among the gainers.

Axis Bank and ICICI Bank saw some gains, after having seen their stock prices decline, since declaring quarterly results.

Select midcap stocks saw deep cuts with Reliance Power and Reliance Infra among the biggest losers. Meanwhile, most of Asia ended the day with losses, while European markets were seeing some gains in early trade.

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