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Post Session: SC"s order on P-Note stumps Dalal Street; Sensex plunges 550 pts Analysis for Jul 27, 2015

By Religare

Triggered by the Supreme Court crackdown on P-notes, the Dalal-Street witnessed bloodbath on Monday as traders gave thumbs down to government policies which are making it tougher for the companies to raise money from overseas market. The selling pressure was witnessed across all sectoral space, with metal, capital goods, auto, oil & gas and banking stocks leading the decline. Also, the tepid Q1 earnings report cards from Sensex blue chips dampened optimism over the health of Asia"s third biggest economy.


The BSE SENSEX closed at 27561.38, down by 550.93 points or by 1.96 per cent, while NSE Nifty ended 160.55 points lower at 8361.

Investors remained cautious after a Supreme Court-appointed SIT last week suggested Sebi to come up with regulations on collection of beneficial ownership details of P-note holders. Doubts over the government's ability to get key bills such as GST passed amidst a continued Parliamentary logjam also marred sentiment.

In a similar trend, the BSE MIDCAP closed at 10994.02, down by 153.97 points or by 1.38 per cent, while the BSE SMLCAP settled at 11543.11, down by 125.01 points or by 1.07 per cent.

In the bearish trade, the BSE Sensex touched intraday high of 28117.65 and intraday low of 27529.57, while the NSE Nifty touched intraday high and low of 8492.2 and 8351.55, respectively.

Leading the decline on BSE Sensex pack were Tata Steel Ltd. (Rs. 251.40,-5.17%), Hero MotoCorp Ltd. (Rs. 2605.65,-4.84%), Hindalco Industries Ltd. (Rs. 104.25,-4.40%), Axis Bank Ltd. (Rs. 555.75,-4.34%), Oil And Natural Gas Corporation Ltd. (Rs. 271.40,-4.12%), were among others.

On the sectoral front, all the indices ended in red with capital goods and metal indices emerged as top losers, shedding 2.8 and 2.3 per cent, respectively, on BSE.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2849, shares advanced were 1005 while 1736 shares declined and 108 were unchanged.

On the global front, Asian stocks ended lower on Monday as a commodity rout exasperated by heightened fears of a slowdown in China and gloomy earnings from technology giants forced investors to cut risky bets. China"s Shanghai Composite slipped after industrial profits fell 0.3 per cent, year on year in June 2015, offering evidence of a struggling economy. Hang Seng tumbled while a stronger yen hit Japanese shares.

Story first published: Monday, July 27, 2015, 18:00 [IST]
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