With investors cautious due to inflation increase and reports that crude oil may touch levels of 2015 putting an end to the 3-day rally. Realty, power and banking stocks plummeted. The report that fed reserve may hike federal rates by 0.25 percent also did not help.
On the other hand, there was apprehension in the market in view of committee meetings of various central banks. Geojit financial chief Aravind James opined that investors were focusing on the matter whether government may levy new taxes on long term investments in the forthcoming prebudget meetings. This resulted in Sensex falling 227.8 points and closed at 33227.99 and NIFTY fell below the crucial 10300 losing 82.10 points and closed at 10240. Among the Sensex stocks, Coal India is the biggest loser at 2.45 percent followed by Cipla, hero motors, TCS, Tata Steel, ITC, L and T, etc.
Dr. Reddy’s 3% up
After the company announced that USFDA has completed inspection of Batchpally unit, the company’s share weathered the negative market and rose 3% raising the company’s totally value by 1017 crores. Intraday, it gained 6.13 % and rose to a maximum of 2328.
Adani ports, ONGC, Lupin, Infosys, SBI, Maruti Suzuki are month the shares that ended in profits.
Per SEBI accounts, FPI sold shares worth 185.6 crores on Monday and FIIs bought 108.94 crore worth shares. IDBI announced selling of 30% stake in NSDL e-governance infrastructure limited as part of shedding redundant business sectors.