News Worms
News Worms

Markets suffer biggest loss in 6 weeks, Sensex plunges over 360 points

Among specific stocks, shares of Indian Overseas Bank (IOB) slumped 1.58 per cent to Rs 24.90 after the lender reported widening of its net loss by almost 60 per cent at Rs 1,222.50 crore for second quarter ended September 30, due to higher provisioning against the bad loans.

On closing basis, the wider Nifty50 of the National Stock Exchange declined by 101.65 points, or 0.97 per cent, to 10,350.15 points.

The BSE Sensex settled lower by 360.43 points or 1.07 percent to 33,370.76 after moving in range of 33,865.95 and 33,341.82.

"Rising crude oil prices and a weakening rupee seemed to spoil the investor sentiments. Participants ignore the report showing rise in direct tax collections however rebound in selective index majors in last half an hour marginally trimmed the loss", said Jayant Manglik, President, Retail Distribution, Religare Securities.

A similar trend was witnessed in the broader markets as investors preferred to take away profits at record levels, pulling down the mid-cap index by 1.47 per cent and small-cap by 1.35 per cent.

On the currency front, the rupee strengthened by 7-8 paise to close at 64.95-96 against the U.S. dollar from its previous close at 65.03. Nifty PSU Bank (down 2 per cent) bled the most. "Oil prices rose 3.5 per cent on Monday, the highest since early July 2015", Desai told IANS.

"The biggest area of concern right now is crude oil (prices)".

"Pharma stocks fell after Lupin said in a notice to the BSE that it got warning letter from United States food and Drug regulator for its Goa and Indore unit II plant".

In the Sensex kitty, major gainers included Axis Bank, Cipla, Sun Pharma, Dr Reddy's, Lupin, Wipro, TCS, Asian Paint, Hindustan Unilever, Bajaj Auto, M&M, Hero MotoCorp, L&T, Maruti Suzuki and Infosys, gaining up to 3.90 per cent.

Sector-wise, the S&P BSE metals index declined by 228.92 points, followed by oil and gas index by 212.62 points and consumer durables index by 174.54 points.


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