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Sensex Closes 362 Points Lower As N Korea Fires Missile Over Japan
Benchmark indices fell sharply in trade as investors sold heavily into stocks across the board, after North Korea fired a missile over Japan. This re-ignited tensions that seemed to have diffused earlier last week and saw investors pressing heavy sales in stocks and moving to safe haven assets.
Major losers
The Sensex ended the day lower by a staggering 362 points, while the Nifty fell 116 points in trade. Stocks that lost heavy ground from the Nifty were NTPC, Adani Ports, HDFC, Eicher Motors and Yes Bank. NTPC declined after the government said that it would sell a stake in the company. The midcap index also lost heavy ground with stocks like Jubilant Foodworks, Voltas and GMR Infra seeing heavy losses. This index also managed to shed more than 1 per cent in trade. Interestingly, corrections here were not very deep and stocks managed to hold their ground.
Stocks moving out of the Nifty fall
Stocks that were moving out from the Nifty as a result of the Nifty rejig fell in trade. ACC and Bank of Baroda, which would be out from the Nifty declined, while HPCL which is likely to enter the Nifty also fell, because of weakish market sentiments. Dr Reddy's was one stock from the Sensex that managed to gain ground despite very weak market sentiments. Infosys, which rallied almost 4 per cent on Monday, following Nilekani's appointment gave up gains and dropped in trade. The stock dropped by almost 1 per cent.
Global cues extremely weak; rupee falls
Global cues were extremely weak in trade with the German DAX, the French CAC and the UK's FTSE dropping in trade. The Euro gained against the US dollar, even as several Asian markets saw weakness. The Hang Sang and the Japanese Nikkei dropped sharply in trade. The rupee was last seen trading at 64.04, down 16 paise over the previous close. Check rupee rates here
Gold prices rally
Gold prices rallied sharpy with international prices seeing a solid rebound and jumping by a huge Rs 450 per 10 grams in most Indian cities. In fact, the precious metal was last seen trading at Rs 29,300 per 10 grams on the MCX. Spot gold too rallied in trade and was at $1322 an ounce.
