Markets close weak, Sensex down 333 pts

[Kalyan]

Hi  ,

Markets closed weak on Wednesday with the benchmark index at 17,758 levels making a loss of 1.8 per cent or 333 points.

In the broader markets, Nifty closed in red by 2.1 per cent. The 50-share index closed at 5,167 levels.

Selling was evident in oil & gas, realty, information technology banking and metal counters.

“In the last quarter, the results were not good and we were overlooking a lot of things. The markets are under pressure now and the mood is different. Investors are re-sizing their portfolios, so no conclusions should be drawn. But definitely any dip now would be an opportunity to enter the market,” said Ashu Madan, National Head, Religare Securities.

“Even if the lows are not reached by the markets, there is still some downside left because the markets bounced back from very low volumes. So, one should be alert right now,” added Sachin Chavan,Technical Analyst, sachinchavan.com.
Other Asian markets also closed weak on Wednesday. South Korea’s Kospi was the biggest loser making a loss of three per cent. Hong Kong’s Hang Seng and Japan’s Nikkei also slipped into red by over one per cent each.

BHEL, Housing Development Finance, Tata Steel and Ambuja Cements led the positive sentiment in the BSE-30 pack. The stocks registered gains of over 0.8 per cent each.

Among the NSE-50 scrips, Zee Entertainment, Sun Pharma, SAIL and ACC were some of the key gainers; they gained ground by over 0.8 per cent each.

However, Suzlon Energy, Hindustan Unilever, Reliance Petroleum and Reliance Energy were some of the key draggers in the broader index. The stocks slipped into red by over 5.6 per cent each.

Oil & gas weakens

BSE oil & gas index shed 4.7 per cent or 524 points was the biggest loser among the sectoral indices. Real estate, metal and banking indices also closed in red territory by over one per cent each.

RNRL at Rs 136 lost 6.7 per cent or Rs 10 was worst hit in the oil & gas pack. BPCL (down six per cent), Mangalore Refinery (down five per cent), ONGC (down 4.9 per cent) and Chennai Petroleum (down 4.6 per cent) were some of the other major losers.