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Nifty, Sensex fall for a 4th day in a row; mid cap stocks plunge

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Nifty, Sensex fall for a 4th day in a row; mid cap stocks plunge
It was a fourth consecutive session of declines for the Nifty and the Sensex with high beta stock getting pounded as investors sold heavily.
 

The Sensex and the Nifty ended the day lower with the Sensex dropping 48 points, while the Nifty fell 18 points in trade.

The breath collapsed completely with mid cap stocks plunging today. Unitech dropped 8 per cent, while Reliance Communications dropped six per cent. IFCI also dropped almost six per cent in trade, Crompton Greaves five per cent and Adani Power fell five fell per cent. A host of other mid cap stocks including the likes of Hindustan Zinc and Jain Irrigation fell sharply.

Even from the Nifty high beta names from the metal sector saw huge selling pressure with Sesa Sterlite and Hindalco falling sharply. Other top Nifty losers in trade was DLF, which fell as much as 9 per cent. And IDFC, which was up in early morning trade.

Shares in Sun Pharma and Ranbaxy both fell after the Andhra Pradesh High Court asked stock exchanges not to approve the merger deal, until it decides on the insider trading petition.

Among the stars in a falling market was Indian Overseas Bank which gained more than 13 per cent, after the company reported a better than expected Q4 number. Adani group stocks came under selling pressure with Adani Enterprises, Adani Power and Adani Ports falling.

Meanwhile, markets across Asia ended the day with gains except the Taiwan Weighted and the Hang Sang.

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