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Nifty Ends Sharply Lower; Banking Stocks Plunge


It was a black Friday for the Indian markets, with the indices breaching crucial key Psychological levels, in intra day trade, which were last seen on Sept 7.

The Sensex ended the day at 25,044 points, losing 207 points, while the Nifty dropped 72 points to end at 7610 points.

Investors were jittery and sold off ahead of the crucial US Fed meet slated for Dec 15 and Dec 16, which would decide interest rate hikes in the US.

Nifty Ends Sharply Lower; Banking Stocks Plunge
A 25 basis points hike in the Fed rate could see selling pressure in Indian stocks, given the fact that corporate results have been poor and reforms have been stalled in parliament.

Leading the set of losers were banking stocks, which saw several blue chip names like ICICI Bank and Axis Bank crash to a new 52-week low. Other big banking names like State Bank of India, Bank of Baroda and Punjab National Bank also saw relentless selling pressure.

Heavyweight, ITC too fell, adding to pressure on the index. However, other heavyweight stocks like TCS, Infosys and Reliance Industries managed to stay resilient, which reduced the extent of damage to the indices.

Midcap stocks, which have recently outperformed the benchmark indices, saw even greater selling pressure. Among the losers were JSW Energy, which shed almost 6 per cent, while GMR Infra and Unitech shed 4 per cent each.

SpiceJet, which has been one of the best performing stocks this year, fell a huge 4 per cent after the company said it has defaulted on payments to Airport Authority of India.

Sharon Biomedi jumped 14 per cent after the company said that the US FDA had inspected its Taloja plant.

Meanwhile, markets are expected to be extremely volatile next week, given the US Fed's decision on interest rate hikes.

Most of Europe was trading with marginal losses, while Asian markets ended lower.

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