Expected AAP win in Delhi, Chinese data, Greece pull sensex down nearly 500 points
PrintListen to this Article
A combination of domestic concerns and international developments pulled the markets down on Monday with the sensex closing nearly 500 points lower, its seventh consecutive session of losses.
Expectations that Aam Admi Party (AAP) may win Delhi elections handing the first state election defeat to PM Narendra Modi-led BJP, put investors on the back foot on Monday who liquidated some of their positions to stay in cash ahead of the results in Delhi on Tuesday .
In addition, most of the major Asian markets were flat to weak due to weak Chinese trade data while European investors were cautious as the developments in Greece did not seem too favourable for investors to take higher risks.
As a result, sensex closed 491 points lower at 28,227 with BSE's market capitalization just a tad over the psychologically important Rs 100 lakh crore mark. On the NSE, nifty lost 135 points to close at 8,526.
Power companies witnessed selling, led by Reliance Infra and Tata Power, the two companies which supply electricity in Delhi. The selling came on the back of concerns that a win for AAP in Delhi may lead to audit of their books, and also the state government may force these companies to lower tariffs. Reliance Infra lost 8.7% to close at Rs 419 while Tata Power was down 2.4% at Rs 80.
On the international front, data released on Sunday showed that China's exports in January fell 3.3% against expectations of 5.6% rise, while its imports crashed by 19.9%, far ahead of expectations.
As a result, metals stocks too came in for selling in the domestic market since China is the world's largest consumer of metals and a slowdown in demand in the world's second largest economy may lead to lower prices for these commodities. Among the sensex stocks, Tata Steel closed 5.8% lower at Rs 348 while Sesa Sterlite closed 4.5% off at Rs 201.
Markets globally were also jittery after the new government in Greece threatened not to adhere to its financial bailout package conditions, international reports said. (PTI - Times of India)
Category : Shares & Stock | Comments : 0 | Hits : 418
NSE will introduce four indices from April 8 in both the cash and derivatives segments. These include Nifty Tata Group 25 per cent Cap, Nifty 500 Multicap India Manufacturing 50:30:20, Nifty 500 Multicap Infrastructure 50:30:20, and Nifty MidSmall Healthcare. Nifty Tata Group 25 per cent Cap Index consists of 10 companies and is based on free float market capitalisation method. The indices have a base date of April 01, 2005 and a base value of 1000. The Nifty500 Multicap India Manufactu...
Investment firm BlackRock Inc's equity holding has surpassed the five per cent level in renewable energy solution provider Suzlon Energy with the acquisition of about 24.73 lakh shares. "The aggregate holdings of BlackRock, Inc. (on behalf of discretionary management clients) in Suzlon Energy Limited has moved above 5 per cent," a regulatory filing has said. The filing showed that BlackRock has acquired 24,73,442 shares (0.02 per cent of total share capital) in Su...
The National Stock Exchange (NSE) is looking to increase trading hours in the equity derivatives segment in a phased manner, a move that will potentially curtail the overnight risk arising from global information flow, a senior official said on Monday. The bourse is planning a session from 6 pm to 9 pm after a break from the closure of the regular session from 9.15 am to 3.30 pm, Sriram Krishnan, Chief Business Development Officer of NSE, told PTI. Further, transactions in the evening sess...
The Central Bureau of Investigation (CBI) on February 25 arrested Anand Subramanian, a former top official of the National Stock Exchange (NSE), in connection with alleged favour dolled out to certain traders. The development comes as authorities pressed ahead with an investigation into whether high-frequency traders were given unfair access to network servers at the exchange. News reports suggest that Subramanian, the former group operating officer and advisor to former managing direc...
Top stock exchanges on Monday said they will introduce the T+1 settlement cycle for trading equity shares and other instruments in a phased manner, starting 25 February. A joint statement issued by the National Stock Exchange of India Ltd and BSE Ltd confirmed a 3 November Mint report that said the Securities and Exchange Board of India (Sebi) has agreed to recalibrate its trade settlement circular and may implement T+1 in a phased manner. The change will make India one of the first co...
Comments