Market Round Up

The market was expecting lot from the budget but there has been no word on disinvestment, no mention of banking and finance sector reforms which disappointed the markets. The benchmark indices plunged sharply led by huge selling in banking, realty, capital goods, power, metal and oil & gas stocks.

The Sensex tumbled 870 points or 5.83% to settle at 14,043, after seeing a day's low of 13,959 and high of 15,097. The Nifty closed at 4166 down 5.84% or 258 points, after hitting an intraday high of 4479 and low of 4133. The midcap and smallcap sectors were also badly affected. The BSE Midcap Index shed 4.98 % and BSE Smallcap Index slipped 4.2 %. Selling was across the board and the volumes were also very higher compared to previous session.

Movers & Shakers

On the sectoral front, the BSE banking index plummeted 8.2 % on a rise in bond yields. Banking stocks like ICICI Bank, Axis Bank, SBI, Union Bank, Kotak Mah, PNB and HDFC Bank were down 6-10%.

The BSE realty index fell 7.3 %. Unitech and DLF were down 8-9%. Indiabulls Real, HDIL, Anant Raj Industries, Parsvnath, Orbit Corporation, Ackruti City slipped 4-6%.

The BSE capital goods index shed 7 %. Punj Lloyd, L&T, Suzlon Energy, Siemens, BEML, ABB, Bharat Electronics and BHEL fell 3.6-9.8%

The metal index on the BSE lost 6.5 %. Tata Steel, Hindalco, Sterlite Industries, SAIL, Hindustan Zinc, JSW Steel and Jindal Steel were down 5-10%.

The BSE power index shed 6.4 %. Reliance Infrastructure lost 12.5%. Power Grid Corp, Torrent Power, Tata Power, Reliance Power, GVK Power, Neyveli Lignite, Lanco Infra and NTPC slipped 5-10%.

Reliance Infrastructure (-12.5%), HDFC (-9.7%), Tata Steel (-9.74%), State Bank of India (-9%) and Reliance Communications (-9%) were amongst the Sensex losers.

Ranbaxy Labs, HUL and ITC were the only gainers on the benchmark indices up 2-3.5%.