Sensex breaks 26K, Nifty slips below 7,950; broader markets crack

21/11/2016 14:29

The Indian benchmarks extended their day’s loss in late morning deal on Monday, weighed down by loss in realty and metal stocks, tracking mixed cues from fellow Asian peers. The lingering worries over the impact of demonetization of higher value currency notes and hints of a rate hike in December by US Federal Reserve chair Janet Yellen, curbed appetite for riskier assets.

At 14:15 hours, the 30-share benchmark index was trading at 25792.59, down by 357.65 points or by 1.37 per cent and the NSE Nifty was at 7930.75, down by 143.35 points or by 1.78 per cent.

Investors are worried that demonetization of Rs 500 and Rs 1000 notes to curb black money may severely hit small and medium sized businesses that mainly run on cash while also take a toll on short-term discretionary spending.

In the day’s trade so-far, Sensex touched an intraday high of 26270.28 and intraday low of 25732.96, while the NSE Nifty touched intraday high of 8102.45 and intraday low of 7928.

In line with benchmark indices, the broader markets were also bleeding in red, with the BSE MIDCAP trading at 11776.57, down by 295.86 points or by 2.45 per cent, while the BSE SMLCAP was at 11528.58, down by 340.36 points or by 2.87 per cent.

The top losers of the BSE Sensex pack were State Bank of India (Rs. 262.55,-4.77%), Tata Steel Ltd. (Rs. 371.40,-3.56%), Mahindra & Mahindra Ltd. (Rs. 1195.45,-3.52%), Tata Motors Ltd. (Rs. 454.95,-3.41%), Maruti Suzuki India Ltd. (Rs. 4799.95,-3.23%), among others.

On the flip side, Wipro Ltd. (Rs. 442.40,+1.21%), Reliance Industries Ltd. (Rs. 990.95,+0.35%), Tata Consultancy Services Ltd. (Rs. 2125.55,+0.11%), were among top gainers on the BSE.

On the sectoral front, realty and auto stocks emerged as top losers, falling as much as 4.61 per cent and 3.08 per cent respectively.

The market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2804, shares advanced were 424 while 2224 shares declined and 156 were unchanged.

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