Sensex, Nifty end lower on Cyprus bailout worries

Business

oi-Sunil

By Sunil Fernandes

Updated: Monday, March 18, 2013, 15:43 [IST]

Indian markets closed the day lower today reflecting poor global equity sentiments after a decision by the euro zone to force depositors in Cyprus to contribute towards a bailout left markets worried over spread of the contagion to the other European nations.

The Sensex ended the day lower by 134 points, while the Nifty shed 37 points in trade today. Among the top losers in trade today was Coal India which shed a huge 5 per cent following reports that the government would divest its stake in the company next year.

Among the other Nifty losers were Maruti Suzuki, IDFC, Tata Power Ambuja Cements, BPCL and Gas Authority of India. ICICI Bank lost almost 2 per cent as allegations of money laundering against the bank saw fresh selling pressure in the counter.

Dr Reddy's Labs also ended the day one per cent lower as markets reacted to the death of the company's founder Dr Anji Reddy, who passed away last week.

Bharti Airtel also lost ground today after reports suggested that the company will soon be slapped with another show cause notice for sharing its 3G airwaves with Vodafone and Idea.

Among the gainers in trade today were Cipla, Siemens, HCL Tech and HDFC Bank. Shares in Larsen and Toubro ended the day firm after reports that the firm plans to raise Rs 2500 crores by selling 20 per cent stake in its Infrastructure arm.

Shares in mining company NMDC fell after iron ore prices softened. Thomas Cook India on the other hand gained after the company got SEBI nod to issue 3.4 crore shares.

Meanwhile, markets in Asia ended the day with heavy losses, prominent losers being the Japanese Nikkei and the Hong Kong's Hang Sang. All eyes are now on the RBI's credit policy slated for Tuesday, in which it is expected to cut rates.

GoodReturns.in