Mumbai: The stock market continues to bleed with the BSE Sensex nose diving more than 984 points on Wednesday to close at 77,691 or 1.25 percent lower as the Foreign Institutional Investors continue to sell and also due to weak second quarter earnings by the corporates.
According to estimates, the investors have lost over 22 lakh crore of wealth in the last five trading sessions. According to leading brokers in the trading community the Domestic Institutional Investors (DIIs) have not been able to offset the impact completely.
The FIIs sold equities in the cash segment worth Rs 3,027 crore while the DIIs bought to the tune of Rs 1,454 crore in the last trading session yesterday, according to data available.
The latest data on retail inflation that has risen to a 14-month high is also a reason for the bloodbath in the market as this may not allow the Central bank for any rate cut in its meeting in December.
The National Stock Exchange (NSE) index that is Nifty also slipped 324.40 points at 23,559.05. The Nifty registered days high and low at 23,837.60 and 23,509.60 points, respectively.
The day opened in red at 78,495.53, declining 160 points. During the day it tanked 1142 points at 77,533.30 to touch day’s low, before closing at 77,690.95 down 984.23 points from its previous close.
The stocks that drifted lower were Realty by 3.23 percent, Industrials by 2.95 percent, Metal by 2.54 percent, and Commodities by 2.45 percent.
The midcap fell 2.56 percent, while the small cap fell by 3.08 percent. In the 30-scrips BSE Sensex, shares of 27 companies declined while of 3 companies registered marginal appreciation.
The losers were M&M by 3.23 percent to Rs 2801.80, Tata Steel by 3.02 per ent to Rs 139.80, Adani Ports by 2.82 percent to Rs 1287.95, JSW Steel by 2.18 percent to Rs 936, and IndusInd Bank by 1.89 percent to Rs 1039.05.
The gainers were Tata Motors by 0.29 percent to Rs 787.20, NTPC by 0.21 percent to Rs 380.85 and Asian Paints by 0.16 percent to Rs 2479.10.
UNI
