Realty hammered as Sensex falls further; Bharti, SBI losers

Key benchmarks fell for the fourth successive session Wednesday, as concerns over the continuity of policy reforms and a slowing economy kept buyers at bay. The 30-share BSE Sensex fell 123.91 points to close at 18884.19. With this, the index has shed 686 points in the last four sessions.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead Masteryourmoney Earnings
moneycontrol.com

Home » News » Markets » Local Markets

Mar 20, 2013, 05.15 PM | Source: Moneycontrol.com

Realty hammered as Sensex falls further; Bharti, SBI losers

Key benchmarks fell for the fourth successive session Wednesday, as concerns over the continuity of policy reforms and a slowing economy kept buyers at bay. The 30-share BSE Sensex fell 123.91 points to close at 18884.19. With this, the index has shed 686 points in the last four sessions.

Like this story, share it with millions of investors on M3

Realty hammered as Sensex falls further; Bharti, SBI losers

Key benchmarks fell for the fourth successive session Wednesday, as concerns over the continuity of policy reforms and a slowing economy kept buyers at bay. The 30-share BSE Sensex fell 123.91 points to close at 18884.19. With this, the index has shed 686 points in the last four sessions.

Post Your Comments

Share Cancel

16:08
Moneycontrol Bureau

Key benchmarks fell for the fourth successive session Wednesday, as concerns over the continuity of policy reforms and a slowing economy kept buyers at bay. The 30-share BSE Sensex fell 123.91 points to close at 18884.19. With this, the index has shed 686 points in the last four sessions.

The 50-share Nifty closed at 5694.40, down 51.55 points over its previous close. The index has fallen 214 points in the last four sessions.

The fall was far more bruising in midcaps and small caps, which have been hit by a renewed wave of sell-off over the last week.

A slowdown in foreign fund flows and dismal corporate earnings had already reined in the upsurge in stock prices of late; the latest bout of political uncertainty has deepened the sense of gloom.

“We do not see any immediate threat to the stability of the Government at the Centre but note that political uncertainty may make the reforms process more difficult,” Kotak Securities wrote in its note to clients.

Bharti Airtel led losers among frontline shares following the latest twist in the 2G spectrum allocation case, falling 4 percent. Other key losers included NTPC, ICICI Bank, ONGC and SBI, down 3-4 percent.

“Our cautious stance on Indian equities since late January has been premised on expectations that 1) the slowdown in the economy is sharper than street estimates 2) the window of opportunity for reforms could likely narrow given the substantial election calendar over the next 12-14 months,” said a strategy note by brokerage house JP Morgan.

Realty shares were the worst performers, with HDIL leading losers. The stock crashed 20 percent after rating agency CARE cut the ratings of the company’s bonds.

Opto Circuits, Educomp, Bilcare, Manappuram Finance and Delta Corp were big losers in the midcap space, with the stocks plunging between 10-20 percent.

The RBI cut the benchmark repo rate by 25 basis points on Tuesday, but the market has been indifferent to it.

"We believe policy rate cuts will likely not be effective until we see meaningful deceleration in CPI (consumer price index) inflation and improvement in deposit growth," brokerage house Morgan Stanley wrote in its note to clients.

15:17
Equity benchmarks continued to trade lower in afternoon trade, despite positive open for European markets. The Sensex remained below the 19000 level while the Nifty broke the 5700 level.

Read More »

13:38
The cuts deepened in afternoon trade as the Nifty fell below 5700. The Sensex was down 106.56 points at 18901.77, and the Nifty fell 43.35 points at 5702.70.

Read More »

12:27
At 12.16 hrs IST, the Sensex is down 131.34 points at 18876, and the Nifty fell 52.40 points at 5693. About 609 shares advanced, 1889 shares declined, and 1053 shares remain unchanged.

Read More »

11:22
The indices saw some support from FMCG, Pharma and metal companies with HUL, ruling at the top with 2 percent gains.

Read More »

10:14
It was lacklustre trading session after market opened on a sluggish note reeling under political pressure of Tuesday. The Sensex slipped 9.45 points at 18998.65 while the Nifty fell 10.20points at 5735.75.

Read More »

09:24
At 09.16 AM, the Sensex fell 26.64 points at 18981.46, and the Nifty slipped 4.75 points or 0.08% at 5741.20. The INR opened at 54.53.

Read More »

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
Realty hammered as Sensex falls further; Bharti, SBI losers

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login