Rail budget, global cues drag markets

Rail budget, global cues drag markets
Highlights

The benchmarking indices ended over one per cent lower on Wednesday on global cues. While investors turned cautious ahead of expiry of February derivative contracts.

Mumbai: The benchmarking indices ended over one per cent lower on Wednesday on global cues. While investors turned cautious ahead of expiry of February derivative contracts.

Bears maintain their grip over bulls as retail investors’ side stepped from market looking for leads in the budget. The experts see Nifty further fall to 6,400 levels on global volatility.

The sensex ended at 23,089, down 321 and Nifty closed down 91 points at 7,019. Meanwhile, the broader markets followed suit the index stocks with midcap and smallcap indices down 0.9 per cent and 1.1 per cent, respectively.

On the sectoral front, all the sectors reported in red led by metals at (-2.12%) followed by pharma, bank, FMCG and auto shares. Banking pack declined with ICICI Bank and HDFC were down over 2.6 per cent, followed by HDFC Bank lower 2 per cent and SBI down 1 per cent.

Similarly, ITC fell 2.4 per cent, for third straight session, fearing duty hike. Tata Motors fell over 3 per cent as the company reported flash strike by its workers on Tuesday. While NTPC closed lower nearly 4 per cent against stake sale by government.

Oil majors ONGC and Cairn India closed over 2 per cent down after crude prices started falling globally, however, oil marketing companies like BPCL, HPCL and IOC ended gaining between 0.4 per cent and 4 per cent.

The gainers: Bharti Airtel, up 0.93 per cent at Rs 324; Mahindra and Mahindra (M&M), up 0.54 per cent at Rs 1,218.45, Asian Paints, up 0.51 per cent at Rs 879; Axis Bank, up 0.38 per cent at Rs 386.55 and Reliance Industries, up 0.19 per cent at Rs 952.55.

The losers: BHEL, down 4.97 per cent at Rs 93.60; NTPC, down 4.20 per cent at Rs 118.70; Tata Motors, down 3.63 per cent at Rs 306.90; HDFC, down 2.68 per cent at Rs 1,022.95; and ICICI Bank, down 2.63 per cent at Rs 187.05.

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