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HomeBusinessSensex Down 400 Points, Nifty Near 17,400

Sensex Down 400 Points, Nifty Near 17,400

The BSE Sensex tumbled 912 points the day’s high of 59,203, to a low of 58,291. The BSE index was down 377 points at 58,410. The NSE Nifty had declined 108 points to 17,403.

Index heavweight Reliance has slipped nearly 2 per cent. Bajaj Finserv, Bajaj Finance, Mahindra & Mahindra, Nestle, Bharti Airtel and HDFC were the other major losers.

The broader markets also pared gains. The BSE Midcap index was down 0.1 per cent. The Smallcap index, however, was up 0.6 per cent.

Among sectors, the BSE Energy index plunged 1.5 per cent, and the Telecom index was down nearly a per cent.

“Domestic markets impacted as RBI Governor cautioned depositors for chasing high returns amid greater risk. Traders also showed cautiousness with the reports that the government is unlikely to announce capital infusion for public sector banks (PSBs) in the upcoming Budget. Our research suggests that 58,000 will act as an important support level in the market. We can expect the Sensex to trade in the range of 58,000-59,200,” said Gaurav Garg, head of research, Capitalvia Global Research.

Elsewhere in Asia the markets displayed a mixed trend. Nikkei and Shanghai were up 0.7 per cent each, while, Kospi and Taiwan slipped 0.3 per cent each. Hang Seng was down 0.1 per cent, and Straits Times almost unmoved.

MedPlus IPO opened for subscription today, as of 11:50 AM, the Rs 1,398 crore issue was subscribed 25 per cent.

Meanwhile, Metro Brands IPO was was subscribed 37 per cent, with the retail quota subscribed 70 per cent on Day 2 of the offer period.

C. E. Info Systems (MapmyIndia) IPO closes today. The issue was subscribed 16.31 times, with retail portion subscribed 10.4 times and NIIs (wealthy investors) 43.63 times.

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