Sensex Falls over 350 points; Metal, banking stocks fell the most


The S&P BSE Sensex and NSE Nifty 50 indices widened losses in afternoon deals, which weakened by selling pressure in banking, metals, auto and real estate stocks ahead of the index’s future and weekly expiration of option contracts. The benchmark narrowed a gap amid concerns of economic recovery around the world following weak global cues. The Sensex touched 355 points and the Nifty 50 index touched a low of 11,505.75 in afternoon trade.

As of 12:16 pm, the Sensex fell 297 points to 39,005 and the Nifty fell 88 points to 11,516.

The market is witnessing ups and downs as India VIX grew by 4.3 percent.

All 11 sector gauges compiled by the National Stock Exchange, barring information technology companies’ gauge, were trading with a decline of nearly 2 percent led by the Nifty Metal Index. Nifty Bank, Auto, Financial Services, Realty and PSU Bank index also fell around 1 percent.

Mid and small cap stocks also saw selling pressure as the Nifty Midcap 100 index fell 0.53 per cent and the Nifty Smallcap 100 index fell 0.73 per cent.

Among the individual stocks, Happiest Mind shares made a grand debut on the stock exchanges. The stock was listed at Rs 351 at a premium of 111.4 per cent against the issue price of Rs 166 on BSE. Happiest Minds outstripped IRCTC and DMart, which made just over 100 per cent returns for the debut.

Happiest Minds Technologies’ Rs 702 crore IPO was subscribed over 150.98 times, making it one of the most subscribed share offerings in recent history.

Hindalco was the top Nifty loser, with the stock falling 4 percent to Rs 176. Tata Motors, Shree Cements, Tata Steel, Bajaj Finserv, Bajaj Auto, Bajaj Finance, ICICI Bank, Power Grid, HDFC Life, JSW Steel, Maruti Suzuki and TCS also fell between 1-3 per cent.

On flipside, Dr. Reddy’s Labs topped the Nifty, with the stock rising 3 percent to Rs 4,763 after announcing the introduction of an eye allergy drop drug in the US market.

Zee Entertainment, HCL Technologies, Asian Paints, BPCL, Infosys, Coal India, Hero MotoCorp and Titan were also among the beneficiaries.

The breadth of the overall market was negative as 1,515 stocks were under-traded while 936 were among the gainers on the BSE.

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