love_gundu22
Praveen Gurwani
Bulls get battered on Dalal Street
The Sensex plunges by 400 points or 2.9% to close at 13,399 after being as low as 13,261. The NSE Nifty shuts shop at 3849, down 2.8% from the last close
After five straight months of rally, the market finally witnessed a correction, though the timing and ferocity of the fall clearly took most players by surprise. The unexpected hike in the CRR over the weekend was cited as one of the reasons for the sudden crash. The Cairn IPO is also believed to be partly behind the decline as some players locked in gains to put money in the big-ticket issue. Another factor could be the year-end selling by foreign funds ahead of the Christmas. In any case, the market was looking ripe for a major correction after almost a non-stop advance from July.
After a fairly eventful day, the Sensex plunged by 400 points or 2.9% to close at 13,399 after being as low as 13,261. The NSE Nifty shut shop at 3849, down 2.8% from the last close. At one point, it was down at 3798. The BSE Mid-cap and Small-cap indexes shed 2.5% and 2.7% respectively. Banking stocks bore the brunt of the sell-off, following the surprising hike in CRR. The BSE Bankex tumbled 6.4%. Other notable losers were Metal (4%), Consumer Durable (3.1%), Auto (2.8%), Capital Goods (2.4%), FMCG (2.4%), Pharma (2.1%) and Oil & Gas (2.1%).
Within the Sensex, the biggest losers were SBI (8%), ICICI Bank (6.5%), Tata Steel (6%), ACC (6.2%), NTPC (5.8%), Reliance Energy (5.2%), HDFC Bank (4.7%) and Bharti Airtel (4.1%). Hero Honda, HDFC, Infosys, ONGC and TCS did relatively well, falling by less than 1%.
SpiceJet Ltd. gained 8.5% to Rs 58 after the Tata group said that it would buy up to 10% stake in the New Delhi-based budget carrier. TTK Healthcare Services jumped 9% to Rs 100 after global reinsurer Swiss Re said that it would acquire a 26% stake in the Indian firm.
IVRCL Infrastructures rose 1.5% to Rs408. Cushman & Wakefield India has assessed the net present market value of the 1,655 acres of land reserves of IVR Prime Urban Developers Ltd. The report provides an opinion of value in respect of the land reserves as of December 1, at a range of Rs38.89bn to Rs42.97bn.
The Sensex plunges by 400 points or 2.9% to close at 13,399 after being as low as 13,261. The NSE Nifty shuts shop at 3849, down 2.8% from the last close
After five straight months of rally, the market finally witnessed a correction, though the timing and ferocity of the fall clearly took most players by surprise. The unexpected hike in the CRR over the weekend was cited as one of the reasons for the sudden crash. The Cairn IPO is also believed to be partly behind the decline as some players locked in gains to put money in the big-ticket issue. Another factor could be the year-end selling by foreign funds ahead of the Christmas. In any case, the market was looking ripe for a major correction after almost a non-stop advance from July.
After a fairly eventful day, the Sensex plunged by 400 points or 2.9% to close at 13,399 after being as low as 13,261. The NSE Nifty shut shop at 3849, down 2.8% from the last close. At one point, it was down at 3798. The BSE Mid-cap and Small-cap indexes shed 2.5% and 2.7% respectively. Banking stocks bore the brunt of the sell-off, following the surprising hike in CRR. The BSE Bankex tumbled 6.4%. Other notable losers were Metal (4%), Consumer Durable (3.1%), Auto (2.8%), Capital Goods (2.4%), FMCG (2.4%), Pharma (2.1%) and Oil & Gas (2.1%).
Within the Sensex, the biggest losers were SBI (8%), ICICI Bank (6.5%), Tata Steel (6%), ACC (6.2%), NTPC (5.8%), Reliance Energy (5.2%), HDFC Bank (4.7%) and Bharti Airtel (4.1%). Hero Honda, HDFC, Infosys, ONGC and TCS did relatively well, falling by less than 1%.
SpiceJet Ltd. gained 8.5% to Rs 58 after the Tata group said that it would buy up to 10% stake in the New Delhi-based budget carrier. TTK Healthcare Services jumped 9% to Rs 100 after global reinsurer Swiss Re said that it would acquire a 26% stake in the Indian firm.
IVRCL Infrastructures rose 1.5% to Rs408. Cushman & Wakefield India has assessed the net present market value of the 1,655 acres of land reserves of IVR Prime Urban Developers Ltd. The report provides an opinion of value in respect of the land reserves as of December 1, at a range of Rs38.89bn to Rs42.97bn.