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Market crashes amid sell off
Market crashes amid sell off.The benchmarking indices has nosedived on Monday as the investors see serious concerns over slower economic recovery and weak growth, besides retrospective tax claims against FIIs depressed the investor sentiment.
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Sensex fell 555 pts, Nifty below 8,450
Mumbai: The benchmarking indices has nosedived on Monday as the investors see serious concerns over slower economic recovery and weak growth, besides retrospective tax claims against FIIs depressed the investor sentiment. While Reliance Industries led the decline, also foreign funds resorted heavy selling besides expanding trade deficit in March depressed market sentiment. The Sensex closed down 555 points at 27,886 and Nifty ended down 158 points at 8,444. Both the indices are in the verge of breaking the late March lows.Besides, mid and small cap shares also hit heavily over the concerns of March quarter results, both the indices fell 2 per cent each.
Experts say that the markets were also influenced by the Asian markets which fell tracking global markets on concerns of stringent regulations by Chinese authorities. In fact, the FII activity slowed down in April, according to Sebi records, the foreign institutions reported net buyers of less than Rs 3,000 crore till April 16. In the last four trading sessions, the Sensex fell over 1,000 points, also rupee fell to 30-day low, following FII pullout. On the other hand, the investors are more concerned about on goings in the Parliament bickering and keenly watching the passage of key bills, including Land Acquisition Bill.
On the sectoral front, Realty index was the top loser down 2.8 per cent, followed by FMCG, IT, Oil and Gas, auto and capital goods indices. Following TCS Q4 results lower-than-expected, its shares fell 1.8 per cent. And other peers, Infosys down 2.2 per cent, Wipro down 2.5 per cent, HCL Tech closed down 1.7 per cent.
The gainers: Sun Pharma, up 0.66 per cent at Rs 1,044.10; and ICICI Bank, up 0.31 per cent at Rs 311.05. The losers: Reliance Industries, down 4.46 per cent at Rs.885.55; Hero MotoCorp, down 3.96 per cent at Rs 2,314.70; Cipla, down 3.03 per cent at Rs 659.70; Mahindra and Mahindra (M&M), down 2.96 per cent at Rs 1,188.05; and Axis Bank, down 2.94 per cent at Rs 518.45.
