×
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

Stocks plunge over unsatisfactory GDP numbers

Sensex loses 455 pts; Nifty down 138 pts
Last Updated 31 May 2013, 17:27 IST
Key benchmark indices on Friday tanked hugely on the back of poor GDP reading of 4.6 per cent in the January-March quarter and RBI’s statement on inflation which dashed the hopes of rate cut in the upcoming monetary policy review in June.

A weakening rupee also dampened investor sentiment in D-Street, even as GDP numbers were on expected lines but still raised concerns over a meaningful recovery in the state of the economy, which culminated in markets taking a tumble on Friday. Both the premium indices of BSE and NSE fell below their psychological marks of 20,000 and 6,000 respectively.

The market breadth, indicating the overall health of the market, was weak with all the sectoral indices at BSE in red. Volatility was at the fore as the Sensex at BSE advanced 256.12 points or 1.31 per cent in May 2013. In the day’s trade, index heavyweight ITC dropped after turning ex-dividend while Reliance Industries (RIL) also declined. Bank stocks declined after RBI tightened rules for banks restructuring loans that are in danger of default. 

The popular Sensex at BSE lost 455.10 points or 2.25 per cent to close at 19,760.30, its lowest closing level since May 24, 2013. The index lost 484.85 points at the day’s low in late trade and slipped 24.11 points at the day’s high in early trade.

The 50-unit CNX Nifty was down 138.10 points or 2.26 per cent to 5,985.95, its lowest closing level since May 24, 2013. The index hit a low of 5,975.55 and a high of 6,106.25 in intraday trade.

From broader markets, the BSE Mid-Cap index shed 1.33 per cent to 6,389.47 points and the BSE Small-Cap index declined 1.56 per cent to settle at 5,943.46 points. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak with as many as 1,597 shares on BSE declined and 854 scrips rose and a total of 117 stocks remained static. The total turnover on BSE amounted to Rs 2,023 crore, which is lower than Rs 4,029 crore on Thursday.

ADVERTISEMENT
(Published 31 May 2013, 04:48 IST)

Follow us on

ADVERTISEMENT
ADVERTISEMENT