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Post Session: Sensex nosedives 324 pts; Nifty ends below 8400 Analysis for Aug 20, 2015

By Religare

Weighed down by falling rupee and weak global markets, the Indian equities succumbed to a steep sell-off today, with Sensex shedding 324 points and the Nifty falling nearly 1.5 per cent, biggest single-day sell off in last one month. The negativity in the market was further injected by sharp fall in Chinese stocks. The BSE SENSEX closed at 27607.82, down by 323.82 points or by 1.16 per cent, while the NSE Nifty ended 122.4 points lower at 8372.75.


In the volatile trade, the BSE Sensex touched intraday high of 27964.6 and intraday low of 27564.16, while the NSE Nifty touched high and low of 8501.35 and intraday low of 8359.75, respectively.

Fears that a further depreciation of the rupee may delay an interest rate cut by the Reserve Bank of India (RBI) which meets next on the 29th of September also spoil the mood at Dalal Street, clouding the outlook for Asia"s third biggest economy.

Selling pressure was witnessed across all sectoral space, but realty stocks were worst hit in trades today. The Realty index tanked over 4 per cent, followed by banking, IT, capital goods, auto, power and metal indices declining between 2-3 per cent.

Leading the decline on BSE Sensex pack were Vedanta Ltd. (Rs. 98.50,-4.00%), Axis Bank Ltd. (Rs. 534.20,-3.68%), Reliance Industries Ltd. (Rs. 918.85,-3.55%), Bharat Heavy Electricals Ltd. (Rs. 253.35,-3.30%), Tata Steel Ltd. (Rs. 241.65,-3.30%), among others.

Meanwhile, some buying were witnessed in Lupin Ltd. (Rs. 1892.10,+5.39%), ITC Ltd. (Rs. 329.00,+3.90%), Dr. Reddy's Laboratories Ltd. (Rs. 4297.00,+1.54%), Sun Pharmaceutical Industries Ltd. (Rs. 935.65,+0.91%), Hindustan Unilever Ltd. (Rs. 876.00,+0.03%), among others on BSE.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2856, shares advanced were 728 while 2030 shares declined and 98 were unchanged.

On the global front, the Asian equities ended lower as investors remained nervous over China as the country"s slowdown continued to fuel a rout in emerging market assets and commodities, dimming the lure for risky assets. China"s Shanghai Composite stayed in bear terrain, shedding nearly 3 per cent as a weaker yuan and a slowing economy threatened to spur capital outflows. Hang Seng plunged while Japan"s Nikkei 225 was also down as a stronger yen dimmed the appeal of exporter stocks.

Story first published: Thursday, August 20, 2015, 17:12 [IST]
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