Sensex Dips 456 Points; Nifty moved to 18,267


NEW DELHI: Stock indices plunged on Wednesday, with the benchmark BSE sensex falling more than 450 points, dragged down by falling metals and real estate stocks.
The 30-stock BSE index lost 456 points or 0.74% to close at 61,260; while the larger NSE Nifty set 152 points or 0.83% lower at 18,267.
Titan, NTPC, HUL, Bajaj Finserv, L&T and PowerGrid were the biggest losers in the sensex pack, dropping almost 3%.
While Bharti Airtel, SBI, IndusInd Bank and Bajaj Finance were the main winners, reaching 4.03%.
On the NSE platform, the Nifty Realty, Metal and Consumer Durables sub-indices fell 2.91%.
Analysts said investors were awaiting corporate opinions in the September quarterly results as rising commodity costs and spending on raw materials are expected to hurt corporate margins even as they post profit increases.
Consumer giant Hindustan Unilever fell 0.8% after warning that margins could remain under pressure in the near term due to high commodity prices.
The Chinese state planner said on Tuesday he was exploring ways to intervene in high coal prices and would take whatever steps are necessary to bring them back within a reasonable range, dragging industrial metal prices down.
“There will be regulatory interventions in all geographies, as metal prices will have a direct impact on raw material costs for companies entering manufacturing,” said Vijay L Bhambwani, analyst at Equitymaster, to the Reuters news agency.
“We will see some profit taking as prices fall. But the rally for metal companies is not over as silver is entering the markets,” he said.
Elsewhere in Asia, the Hong Kong and Tokyo stock exchanges ended on gains, while Shanghai and Seoul were in the red.
European stock exchanges traded in a mixed fashion during mid-session trading.
Meanwhile, the rupee jumped 47 paise to close at 74.88 (provisionally) against the US dollar on Wednesday following lower global crude oil prices.
(With contributions from agencies)


Source link

Previous Cities receive funding for water projects | News, Sports, Jobs
Next Global Bioenergies makes a breakthrough on the path to