Sensex down 58 points; bank stocks plunge

Mumbai, March 23 (IANS) A benchmark index of Indian equities markets, the 30-scrip Sensitive Index (Sensex), was down 58 points or 0.21 percent in the late afternoon trade session Monday.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading in the red. It was down 18.90 points or 0.22 percent at 8,552 points.

The Sensex of the S&P Bombay Stock Exchange (BSE), which opened at 28,317.29 points, was trading at 28,203.07 points (3.00 p.m.), down 58.01 points or 0.21 percent from the previous day’s close at 28,261.08 points.

The Sensex touched a high of 28,385.14 points and a low of 28,175.77 points in the intra-day trade.

All sector-based indices of the BSE were trading in the red, except the power sector index.

The S&P BSE bank index plunged by 142.86 points, followed by information technology (IT) index which went down by 127.27 points, healthcare index fell by 90.23 points, consumer durables index was lower by 89.22 points, and oil and gas index declined by 79.77 points.

The S&P BSE capital goods index decreased 76.08 points and technology, entertainment and media index was lower by 56.27 percent.

However, the S&P BSE power index was marginally higher by 3.63 points.

Analysts said that lack of any positive trigger coupled with expectations of subdued quarterly earning results have led to further consolidation in the Indian markets.

“The markets are looking forward to the fourth quarter earning results. The expectations are that the results might not be that exciting,” Devendra Nevgi, chief executive of ZyFin Advisors, told IANS.

According to Nevgi, global cues would be watched by the markets for insights on further developments. The prices of gold and oil will also be keenly observed.

The passage of several key bills on coal, mines and minerals and the appropriation bill for 2015-16, which were keenly observed by the markets, will have an impact on the trade in the coming week.

Parliament has gone into a month-long recess and will resume on April 20.

“The markets are awaiting developments on important bills like the Land Acquisition Bill. Moreover, markets are also awaiting the fourth quarter results, which are expected to be subdued,” Dipen Shah, head of private client group research at Kotak Securities, told IANS.

The benchmark 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE) fell 242.22 points or 0.84 percent during the weekly trade session ended March 20.

The Sensex ended the March 20 trade at 28,261.08 points.

Nifty Futures

niftyfutures.org@imediaone.com

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