Sensex over 500 points, Nifty below 14,100, banks are running in losses

The S&P BSE Sensex and NSE Nifty 50 index surged losses in afternoon deals, leading to losses in banking, financial services and pharma stocks. The benchmark opened the lower and extended slide, with the Sensex falling 561 points to below the 48,000 mark and the Nifty 50 index falling below its critical psychological level of 14,100 to a low of 14,084.90. Analysts said that before presenting the Union Budget on February 1, investors resorted to booking profits at record highs.

By 12:06 pm, the Sensex fell 545 points to 47,802 and the Nifty 50 index closed 154 points or 1 percent down at 14,084.

Analysts said that the monthly expiry of January futures and option contracts yesterday was also adding to the sales pressure in the markets.

HDFC Bank, HDFC, Reliance Industries, Axis Bank, ICICI Bank and Tata Consultancy Services were among the top drugs on the Sensex.

Eight of the 11 sectors compiled by the National Stock Exchange were trading with a 1.5 per cent fall in the Nifty Pharma index. Nifty Bank, Financial Services, Metal and Realty indices also declined by one per cent each.

On the other hand, some buying was seen in PSU banking, FMCG and media stocks.


Mid- and small-cap stocks were trading on the mixed note, while the Nifty Midcap 100 index fell 0.5 per cent, while the Nifty Smallcap 100 index rose 0.44 per cent.

Tata Motors topped the Nifty, with the stock falling 3.5 per cent to Rs 269. Axis Bank, Asian Paints, HDFC, Sun Pharma, Divis Labs, HDFC Bank, Indian Oil, Titan, UPL, Larsen & Toubro, Dr Reddy’s Labs and Tata Steel also fell between 2-3.4 per cent.

On the flipside, shares of Wipro, Tech Mahindra, ITC, UltraTech Cement, HDFC Life, SBI Life and HCL Technologies gained 1-3 per cent each.

The overall market situation was negative as 1,592 stocks declined while 1,048 were moving on the BSE.



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