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Bears tighten grip on street
The mayhem on Dalal Street is continuing as bears took control of the street. The benchmarking indices - Sensex, Nifty - touched 52-week low in intra-day trade on Monday.
Mumbai: The mayhem on Dalal Street is continuing as bears took control of the street. The benchmarking indices - Sensex, Nifty - touched 52-week low in intra-day trade on Monday. Investors raise concerns over world economic growth besides non-stop fall in crude prices. The markets moved to deep levels same as when Modi took over the charge as Prime Minister.
Sensex closed down 267 points at 24,188 and Nifty ended 87 points lower at 7,351. Even broader markets fell reflecting that the retail investors turned cautious and selling their exposures and keeping away from the market. All sectors reported decline while oil and gas shares led the fall followed by rate sensitive stock.
The falling oil prices put pressure on the energy stocks, with RIL, ONGC, Cairn India fell between 2 and 8 per cent, while oil marketing companies, HPCL, BPCL, IOC lowered between 2 and 4 per cent. From bank space, HDFC, HDFC Bank, ICICI Bank, Axis Bank, SBI fell up to 1.5 per cent.
The gainers: BHEL, up 4.29 per cent at Rs 142.35; Tata Steel, up 2.76 per cent at Rs 236.25; Tata Consultancy Services (TCS), up 0.84 per cent at Rs 2,282.45 and Wipro, up 0.72 per cent at Rs 547.35.
The losers: Reliance Industries, down 5.14 per cent at Rs 1,018; Bajaj Auto, down 3.29 per cent at Rs 850.60; Asian Paints, down 3.29 per cent at Rs 850.60; Cipla, down 2.72 per cent at Rs 590.85; and ONGC, down 2.12 per cent at Rs 214.90.
