Sensex Slumps 555 Points As Investors Dump Defensive Stocks

Subscribe to GoodReturns
For Quick Alerts
For Daily Alerts

    The Sensex and the Nifty fell sharply in trade as investors sold heavily into defensives like FMCG, Pharma and IT.

    Worries over the Minimum Alternate Tax (MAT) for Foreign Institutional Investors and passage of the Land Bill in the Rajya Sabha played on investors mind.

    Sensex Slumps 555 Points As Investors Dump Defensive Stocks

    The Sensex ended the day lower by 555 points, while the Nifty fell 162 points in trade.

    Leading the set of losers was Reliance Industries, which fell more than 4 per cent, even as the company reported a good set of numbers for Q4 2015.

    Defensives took a huge hit in trade with stocks like Dr Reddy's, Cipla, ITC, Infosys and Hindustan Unilever were among the top losers in trade.

    Among the few Nifty stocks that saw some buying interest was ICICI Bank and BPCL which remained resilient in trade. HCL Tech ended the day lower ahead of its results to be declared later on Tuesday.

    Private sector banks like IndusInd Bank, Yes Bank and Axis Bank continued to fall and there is a likelihood that FIIs may have sold heavily into the counter.

    Shares in NMDC lost a huge 4.5 per cent as the company reduced the prices of iron ore. A foreign brokerage firm downgraded the stock.

    Today's loss marked the 4th straight day of losses for the Nifty, which has now lost 400 points in trade in just 4 trading sessions.

    Read more about: sensex nifty
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    Notification Settings X
    Time Settings
    Clear Notification X
    Do you want to clear all the notifications from your inbox?
    Settings X
    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more