The S&P BSE Sensex and NSE Nifty 50 indexes extended losses in noon bargains on the back of a broad-primarily based promoting stress. The benchmarks opened reduce and extended the slide wherein the Sensex plunged as significantly as 1,014 points to fall beneath 48,000 mark and Nifty 50 index slumped beneath its essential psychological level of 14,000 to hit an intraday low of 13,957. Investors resorted to profit booking at record highs ahead of presentation of Union Budget on February 1, analysts mentioned.
As of 2:34 pm, the Sensex dropped 996 points to 47,351 and Nifty 50 slumped 280 points to 13,958.
Monthly expiry of January futures and selection contracts tomorrow was also adding to the promoting stress in the markets, analysts added.
“There was some froth in the markets at higher levels and the ongoing correction is a healthy one on account of profit booking. In my view Nifty can test 13,700 levels on the downside which is also the 50-day moving average for the index,” Vijay Chopra of Enoch Ventures told .
HDFC Bank, HDFC, Reliance Industries, Axis Bank, ICICI Bank and Tata Consultancy Services have been amongst the best drags on the Sensex.
All the 11 sector gauges compiled by the National Stock Exchange have been trading reduce led by the Nifty Bank index’s 3 per cent fall. Nifty Pharma, Financial Services, Metal and Realty indices also dropped involving 1.5-2.5 per cent each and every.
Mid- and modest-cap shares have been also facing promoting stress as Nifty Midcap one hundred index dropped 1.67 per cent and Nifty Smallcap one hundred index fell .31 per cent.
Tata Motors was best Nifty loser, the stock fell 3.5 per cent to Rs 269. Axis Bank, Asian Paints, HDFC, Sun Pharma, Divi’s Labs, HDFC Bank, Indian Oil, Titan, UPL, Larsen & Toubro, Dr Reddy’s Labs and Tata Steel also fell involving 2-3.4 per cent.
On the flipside, Wipro, Tech Mahindra, ITC, UltraTech Cement, HDFC Life, SBI Life and HCL Technologies rose involving 1-3 per cent.
The all round industry breadth was incredibly adverse as 1,922 shares have been declining though 920 have been advancing on the BSE.