Indian equity market continued its southward momentum for 8th straight day and remained weak through the week. Nifty slipped below its psychological level of 5700 and plunged 7% since July 23 2013. Nifty ended at 5677.90 down by 50 points while Sensex ended at 19164.02 tanks 153.17 points.
Banking stocks have come under huge selling pressure after the Reserve Bank raised short term rates. Private lender such as Yes Bank and IndusInd Bank that relied on bulk deposits has seen large cuts. Public sector lenders have reported deterioration in asset quality amid the massive slowdown in economy. Lenders like Bank of Baroda have shed over 10 per cent in the last two days. Bank of America Merrill Lynch downgraded PSU lenders like Bank of Baroda and Union Bank of India.
Power Grid Ltd plunged and hits the 52-week low on concerns over equity dilution fears after its board approved selling of 15% of existing paid-up share capital through a follow-on public offer.
Among the sectoral indices CNX IT (1.04%) surged on Rupee depreciation against dollar, INR is trading above 61 near to all time low. CNX realty (-4.06%), CNX Metal (-3.64%) and CNX Infra (-2.84%) was among the top losers.
Out of 50 shares of Nifty 15 shares advanced and 35 shares declined.
Top 5 Nifty gainers: Ranbaxy (4.06%), Cairn (2.60%), ACC (2.29%), Ambuja Cement (2.21%) and LUPIN (2.08%) were the Nifty top gainers.
Top 5 Nifty losers: Power Grid (-11.52%), JP Associate (-9.09%), Jindal Steel (-8.08%), DLF (-6.86%) and BOB (-5.84%) were top losers.
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