Sensex, Nifty book highest loss in three and half months: Thursday closing report
Nifty may bounce back a little but will remain within the current range
Indian indices opened Thursday marginally lower, but soon started marching lower and recorded their highest daily percentage loss since 13th February.
The BSE 30-share Sensex opened at 24,523 while NSE 50-share Nifty opened at 7,317. Immediately after hitting a high at 24,528 and 7,325, both the Sensex and Nifty headed lower to hit a low at 24,207 and 7,224, respectively. After hitting a six day low since 21 May 2014, the Sensex closed at 24,234 (down 322 points or 1.31%) while the Nifty closed at 7,236 (down 94 points or 1.28%). On the day of expiry of May 2014 expiry of futures & options (F&O), NSE recorded a volume of 126.27 crore shares. India VIX fell 4.94% to close at 16.6900.
Except for Media (0.65%), Pharma (0.24%), PSU Bank (0.13%) and Auto (0.01%) all the other indices on the NSE closed in the negative. The top five losers were IT (3.35%), CPSE (1.75%), Service (1.75%), Infra (1.46%) and PSE (1.41%).
Of the 50 stocks on the Nifty, 14 ended in the green. The top five gainers were Hindalco (1.66%), Dr Reddy (1.42%), NTPC (0.99%), M&M (0.98%) and Sun Pharma (0.76%). The top five losers were Infosys (3.43%), Jindal Steel (3.37%), Ambuja Cements (3.05%), HCL Technologies (2.92%) and IDFC (2.89%).
Of the 1,593 companies on the NSE, 648 companies closed in the green, 900 closed in the red while 45 closed flat.
The prime minister Narendra Modi has unveiled top 10 policy priorities of the government on Thursday which included infrastructure and investment reforms. He has also asked his ministers to set 100-day agenda and ensure time-bound delivery. The newly named principal secretary in the prime minister's office Nripendra Misra said in a newspaper interview that the policy priorities would focus on overcoming delays to major infrastructure projects and addressing why India has become a coal importer.
Hindalco Industries posted a growth in it March 2014 quarter topline but its bottom line did not register a rise. However, the stock was the top gainer (1.43%) in the Sensex 30 pack.
Infosys (7.81%) came out to be the top loser in the Sensex 30 stock and also the ‘A’ group on the BSE. BG Srinivas, president and member of the board has conveyed his intention to resign from the services of the company. The Board has accepted his resignation and has decided to relieve BG Srinivas from his responsibilities effective June 10, 2014.Been for a long time with the company BG Srinivas was overseeing most of Infosys' client-facing functions.
After reporting a good March 2014 quarter results and the board of directors of the company declaring a dividend of Rs 3.23 (323%) per equity share of Re 1 each for the FY13-14, Amara Raja came as the top gainer (5.80%) in the ‘A’ group on the BSE.
US indices closed in the negative on Wednesday.
Asian indices had a mixed performance. Straits Times (0.88%) was the top gainer while Shanghai Composite (0.47%) was the top loser.
European indices were showing mixed performance while US Futures were trading marginally higher.