Sensex plunges below 26K on concerns over global economic growth…


Sensex slipped below the psychological 26,000-mark taking cues from the global markets. The exit poll prediction of a clear majority to Modi-led BJP in assembly election conducted in Maharashtra and Haryana also could not arrest the fall of CNX Nifty to its lowest level in over nine weeks.

The benchmark Sensex opened on a weak note at 26,260 against the previous close of 26,349. It made a high of 26,462 and low of 25,934 before closing at 25,999, with a loss of 350 points. Turnover on BSE was almost flat at Rs 3,225 crore against Rs 3,226 crore logged on Tuesday.

In NSE, Nifty was down 116 points at 7,748.Foreign Portfolio Investors sold shares worth Rs 679 crore on Thursday. The global markets were down on concerns over spread of Ebola disease and the economic growth in the Euro zone.

Metal and capital goods stocks led today’s decline. Metal stocks that declined include Hindalco Industries (-5%), JSW Steel (-4%), Jindal Steel & Power (-4%), Hindustan Zinc (-1%) and Steel Authority of India (-1%).

Tata Steel declined four per cent to Rs 440 after the company signed a Memorandum of Understanding with Klesch Group to undertake detailed due diligence and negotiations for the potential sale of its long products Europe business and associated distribution activities.

The memorandum covers several UK-based assets including Tata Steel’s Scunthorpe steelworks, mills in Teesside, Dalzell and Clydebridge in Scotland, an engineering workshop in Workington and a rail consultancy in York, as well as other operations in France and Germany.

Sesa Sterlite dipped lost 4 per cent to Rs 239. DLF gained five per cent to Rs 110 in volatile trade after the sharp fall in the previous trading session.

Prominent losers were Strides Arcolab (-18%), GSFC (-11%), UBL (-10%), Crompton Greaves (-8%), GMR Infra (-8%), Bajaj Finservices (-7%), Godrej Consumer Products (-7%), Amtek Auto (-7%), UPL (-7%) and McLeodruss (-7%).

Major gainers were DLF (5%), Cyient (4%), Ceat (4%), Religare (3%), Emami (3%) and Petronet (3%).

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