The Indian market closed on a deep red note on the back of surge in inflation to a three year high to 7% for the 12 months ended 22 March 2008, as against last week''s rise of 6.68%. This led to the concern of monetary tightening by the Reserve Bank of India (RBI) following a surge in inflation and has triggered fears that RBI my raise cash reserve ratio (CRR). Heavy selling was witnessed across the sectoral indices. From the sectoral indices, Capital goods, Oil & Gas and bankex indices scrips faced the heavy selling across the counters.
The BSE Sensex closed lower by 489.43 points at 15,343.12 and NSE Nifty fell by 124.6 points at 4,647. The Sensex touched an intraday high of 15,896.09 and low of 15,303.04. The BSE Mid Caps and Small Caps closed lower by 124.38 points and 125.30 points at 6,262.85 and 7,714.99 respectively.
The market breadth was weak as 1823 stocks closed in red as against 808 stocks that closed in green.
The Oil and Gas index closed lower by 249.24 points at 10,282.64. Losers are RNRL (4.26%), Reliance Inds (2.99%), RPL (1.62%), Gail India (1.81%), Essar Oil (1.52%), BPCL (1.51%), IOCL (1.42%) and ONGC (1.34%).
The Metal index fell by 148.41 points at 13,440.35. Losers are Maharash Sea (6.01%), Ispat Inds (4.37%), Hind Zinc (4.36%), Nalco (3.95%), Sesa Goa (3.88%), Jindal Steel (3.84%) and SAIL (2.86%).
The IT index dropped by 77.51 points to close at 3,687.40 as Wipro (4.53%), Mosear Baer (3.52%), Tech Mahindra (2.50%), HCL Techno (2.12%), TCS (1.78%), Patni Comp (1.63%) and Niit Techno (1.57%) closed lower.
The Bankex index decreased by 230.66 points to close at 7,589.96. Major losers are IOB (7.24%), Oriental bank (5.92%), Kotak bank (4.95%), BOB (4.47%), Axis bank (4.13%), Allahabad bank (4.16%).
The Capital Goods index declined by 594.38 points to close at 12,620.35 as Alstom Projects (7.59%), Bhel (6.89%), L&T (5.74%), Praj Inds (5.71%), Thermax (4.77%), Bhel (4.68%) closed lower.
The BSE Realty index slipped by 176.36 points to close at 7,346.96 as Anant Raj (5.73%), HDIL (4.37%), Unitech (3.91%), Phoenix mill (3.50%), DLF (2.57%), Parsvnath (2.23%) and Omaxe (1.68%) closed in negative.
The BSE Sensex closed lower by 489.43 points at 15,343.12 and NSE Nifty fell by 124.6 points at 4,647. The Sensex touched an intraday high of 15,896.09 and low of 15,303.04. The BSE Mid Caps and Small Caps closed lower by 124.38 points and 125.30 points at 6,262.85 and 7,714.99 respectively.
The market breadth was weak as 1823 stocks closed in red as against 808 stocks that closed in green.
The Oil and Gas index closed lower by 249.24 points at 10,282.64. Losers are RNRL (4.26%), Reliance Inds (2.99%), RPL (1.62%), Gail India (1.81%), Essar Oil (1.52%), BPCL (1.51%), IOCL (1.42%) and ONGC (1.34%).
The Metal index fell by 148.41 points at 13,440.35. Losers are Maharash Sea (6.01%), Ispat Inds (4.37%), Hind Zinc (4.36%), Nalco (3.95%), Sesa Goa (3.88%), Jindal Steel (3.84%) and SAIL (2.86%).
The IT index dropped by 77.51 points to close at 3,687.40 as Wipro (4.53%), Mosear Baer (3.52%), Tech Mahindra (2.50%), HCL Techno (2.12%), TCS (1.78%), Patni Comp (1.63%) and Niit Techno (1.57%) closed lower.
The Bankex index decreased by 230.66 points to close at 7,589.96. Major losers are IOB (7.24%), Oriental bank (5.92%), Kotak bank (4.95%), BOB (4.47%), Axis bank (4.13%), Allahabad bank (4.16%).
The Capital Goods index declined by 594.38 points to close at 12,620.35 as Alstom Projects (7.59%), Bhel (6.89%), L&T (5.74%), Praj Inds (5.71%), Thermax (4.77%), Bhel (4.68%) closed lower.
The BSE Realty index slipped by 176.36 points to close at 7,346.96 as Anant Raj (5.73%), HDIL (4.37%), Unitech (3.91%), Phoenix mill (3.50%), DLF (2.57%), Parsvnath (2.23%) and Omaxe (1.68%) closed in negative.
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