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Markets down on P-Note concerns
Stock markets sank the most in three weeks as the BSE Sensex crashed by 305 points to hit a two-week low of 25,399.72 after worries over stricter P-Note norms and a likely June rate hike by the US Fed spooked investors.
Sensex sheds 305 points to hit two-week low of 25,399
Mumbai: Stock markets sank the most in three weeks as the BSE Sensex crashed by 305 points to hit a two-week low of 25,399.72 after worries over stricter P-Note norms and a likely June rate hike by the US Fed spooked investors. Besides, they ignored BJP's electoral victory in Assam for the first time and the party making inroads into Kerala and West Bengal. In line with market expectations, Sebi tightened norms for P-Notes on Thursday.
The 30-share Sensex after remaining positive briefly at the outset slipped into the red and touched a low of 25,351.99 before winding up 304.89 points or 1.19 per cent to close at 25,399.72, its weakest closing since May 6. The 50-issue NSE cracked below the 7,800-mark by falling 86.75 points or 1.10 per cent to 7,783.40. Selling was also seen in broader markets as BSE mid-cap index and small-cap fell 1.12 per cent and 1.01 per cent.
From Sensex, Adani Ports and Special Economic Zone emerged as the biggest loser by plunging 6.14 per cent to Rs 171.85 after Moody's revised the outlook to 'negative' from 'stable'. Sun TV fell 13.43 per cent, the most since August, after results showed that DMK failed to win in Tamil Nadu. Owner Kalanithi Maran is considered to be close to top leaders. Bucking the trend, shares of Lupin rose 1.43 per cent to Rs 655.80 after the company posted 47.5 per cent growth in consolidated net profit.
Out of the 30-share Sensex pack, 24 scrips ended lower. Major losers were SBI (4.05 pc), L&T (3.24 pc), GAIL (2.71 pc), HDFC (2.61 pc), ITC (2.39 pc), Cipla (2.23 pc), Axis Bank (2.20 pc), ONGC (2.05 pct) and RIL (2.02 pc). From the gainers pack, Tata Steel rose by 0.70 per cent and Wipro perked up by 0.70 per cent. Among BSE sectoral and industry indices, capital goods fell by 2.38 per cent followed by FMCG 1.74 per cent, metal (1.61 pc), energy (1.49 pc), finance (1.48 pc) and industrials (1.42 pc).
The market breadth remained negative as 1,628 stocks ended lower, 919 closed higher while 169 ruled steady. World stocks edged lower with crude oil after minutes from the Federal Reserve's April policy meeting. Overseas, Asian indices like China, Hong Kong, Taiwan and South Korea fell by 0.02 per cent to 1.33 per cent while Japan was the exception.
