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Sensex crashes 470 points

Nifty tanks 159 pts, drops below 8,000 level

After opening the day in the green, markets slumped and ended nearly 2 per cent lower following a slew of domestic as well as international concerns.

While the S&P BSE Sensex ended 469.52 points (1.75 per cent) lower at 26,370.98, the CNX Nifty closed 159.10 points (1.96 per cent) lower at 7,965.35.

“Domestically, weaker than expected corporate earnings, capex/Investment cycle not reversing, deficient monsoon leading to inflationary pressures and a consequent delay in rate cuts by the RBI, key bills like GST, Land bill facing resistance from the opposition are some of the factors causing sentiments to dampen,” Mayuresh Joshi, Fund Manager, Angel Broking told Deccan Herald.

On an international scale the resolution of the Greek crisis and what the FED does with the interest rate cycle (expected to come through from September 2015) are causing nervousness in the markets, Joshi added.

Tata Power was the biggest loser on the Nifty, down 5.08 per cent at Rs 70.10 with volumes of 53.89 lakh shares. Other major losers included Idea (down 4.9 per cent to Rs 166.90), Kotak Mahindra Bank (down 4.62 per cent to Rs 1273), Bosch (down 4.22 per cent to Rs 20,350), Asian Paints (down 4.08 per cent to Rs 709) and Punjab National Bank (down 3.67 per cent to Rs 132.50).

Four stocks ended in the green on the Nifty despite the carnage witnessed on the street. Vedanta (up 1.38 per cent to Rs 187.55) was the top gainer with volumes of 84.32 lakh shares. Other gainers included Tech Mahindra, Zee, and BPCL with gains in the range of 0.25 per cent to 0.01 per cent.

A total of 111 stocks hit new 52 week lows on NSE while 14 stocks ended at 52 week highs on the NSE. Asian stocks ended higher following gains in US markets. Key benchmark indices China, Hongkong, Japan, Singapore, South Korea and Taiwan rose by 0.26 to 1,68 per cent. Meanwhile, foreign investors continued their selling spree and sold shares worth Rs 482.11 crore.

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