New Delhi: Negative newsflows have spooked the markets badly on Friday. Rising inflation and due to which rumours of likely hike in CRR by RBI worried the markets.
Capital Goods, power, banks, telecom and auto stocks were worst hit. All BSE Indices ended with sharp fall. Market breadth has remained 1:4 after inflation announcement.
This whole week has been very bad for the markets, Sensex lost more than 1,000 points and the Nifty down 5.2 per cent. Capital goods, metals, realty and banking stocks were the biggest losers.
Inflation has worried the markets. It has hit a three-year high of 7 per cent this week as against 6.68 per cent in the previous week. Government has been trying ways to cool off the inflation because it has crossed RBI's targeted 5 per cent level.
Experts feel that monetary tightening may be there in near term from RBI by way of CRR hike. These fears has hammered banking stocks a lot.
The Sensex has touched a low of 15,303.04 (down 528 points) before closing the day at 15,343.12, down 489.43 points or 3.09 per cent and the Nifty down 2.61 per cent or 124.60 points at 4647.
Exchanges has touched total turnover of Rs 50,773.03 crore, inclusive of NSE cash at Rs 12095.44 crore, NSE F&O at Rs 33723.32 crore and BSE cash at Rs 4954.27 crore.
Market breadth has remained weak through the day. About 978 shares have advanced, 2014 shares declined, and 79 shares remained unchanged.
BSE Midcap and Small Cap Indices were down 1.95 per cent or 124.38 points at 6,262.85 and 1.60 per cent or 125.30 points at 7,714.99, respectively. The CNX Midcap fell 2 per cent at 6110.30.
Top losers were BHEL, HDFC, M&M and L&T while gainers - Ranbaxy Labs, Tata Steel, Sterlite Industries, Suzlon Energy and Hero Honda.
Capital goods stocks have witnessed huge selling pressure, continued downtrend from yesterday itself. The BSE Capital Goods Index slipped 4.5 per cent or 594.38 points at 12,620.35 on the back of selling pressure in stocks like Crompton Greaves, Alstom Projects, BHEL, L&T, Praj Industries.
The BSE Bankex closed at 7,589.96, down 230 points or 2.95 per cent as banking stocks like IOB, Oriental Bank, Kotak Mahindra, Bank of Baroda, Allahabad Bank, Axis Bank and ICICI Bank have lost gains.
Power stocks have also knocked back heavily. The BSE Power Index fell 2.99 per cent at 2,964.08. Crompton Greaves, BHEL, ABB, Tata Power, Punj Lloyd and Areva T&D were losers which have led Power Index to slip.
Telecom stocks like Reliance Communication, Bharti Airtel and Idea Cellular also lost ground.
Amongst auto space, Mah and Mah, TVS Motor, Amtek Auto, Maruti Suzuki and Escorts were major losers. The BSE Auto Index fell 2.5 per cent at 4,378.54.
Oil and Gas stocks like Reliance Natural, Reliance Industries, Petronet LNG, GAIL and Essar Oil also dropped. The BSE Oil & Gas Index finished at 10,282.64, down 2.37 per cent or 249.24 points.
Realty space also collapsed like pack of cards. Anant Raj Ind, HDIL, Unitech, Phoenix Mills, Ansal Properties and DLF have led the fall. The BSE Realty Index ended at 7,346.96, down 2.34 per cent.
FMCG stocks including United Breweries, ITC, Tata Tea, Bata India, GSK Consumer also cracked. the BSE FMCG Index fell 2.21 per cent at 2,292.76.
Technology stocks have lost ground after yesterday's sharp surge, the BSE IT Index closed at 3,687.40, down 2.06 per cent. Wipro, Infosys, Tech Mahindra, HCL Tech and TCS were major losers.
Metal stocks like Maha Seamless, Ispat Industries, Hind Zinc, Nalco and Sesa Goa have lost shine. The BSE Metal Index fell 1.09 per cent at 13,440.35.
The BSE Healthcare Index ended at 3,845.83, down 1.08 per cent due to selling pressure in pharma stocks like Dr Reddy's Labs, Cipla, Sun Pharma, Pfizer and GSK Pharma.
(With moneycontrol.com inputs)
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