Nifty Plunges 130 Points; Snaps 3-day Rally

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    Benchmark indices ended the day lower, after a solid 1,000 points rally on the Sensex in the last three trading sessions.

    Today's fall was despite a robust rally in the US markets, which saw the Dow Jones surge by a whooping 547 points. The rupee which showed remarkable recovery on Tuesday was little changed on Wednesday at 73.47 to the dollar.

    The Nifty started the day by gaining almost 120 points in early trade, only to lose 130 points in trade. In fact, the Nifty lost as much as 260 points from its peak, suggesting the huge vulnerability that the benchmarks face.

    The Sensex ended the day lower by 382 points, while the Nifty closed the day lower by 132 points. Leading the set of gainers was Infosys, which rallied almost 3 per cent in trade in early morning, but gave up significant gains as trading progressed.

    Investors took heart from the solid deal wins at the company. The other winners from the Sensex were Wipro, Coal India, Hindustan Unilever and ITC.

    Reliance Industries ended the day marginally lower ahead of its results to be declared later today.

    Stocks that exhibited weakness in trade were housing finance company names like DHFL and Indiabulls Housing Finance. DHFL ended lower by 10 per cent, while Indiabulls Housing Finance too was down more than 10 per cent in trade.

    Nifty Plunges 130 Points; Snaps 3-day Rally

    Meanwhile, Asian markets ended the day higher led by gains in the Japanese Nikkei, which was up almost 1.5 per cent in trade.

    Indian markets would be closed for trade on Thursday, due to a festival holiday.

    GoodReturns.in

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