Sensex Drops Over 350 pts, Nifty Below 15,550; Key Points


The markets opened on a choppy note despite positive global cues on Wednesday morning. At 09:16 IST, the Sensex was down 377.58 points or 0.72 per cent at 52154.49, and the Nifty was down 119.80 points or 0.77 per cent at 15519.

Top Gainers & Losers

Tata Steel, NTPC, Wipro, Tech M, HCL Tech, IndusInd Bank, Titan and Reliance led losses on the Sensex, down up to 3 per cent. Hindalco, ONGC, JSW Steel were the top Nifty losers.

On the flip side, Dr Reddy’s, HUL, Asian Paints, Bajaj Auto, Maruti and sun Pharma were among the handful of gainers on the two benchmarks.

Broader Markets

In the broader markets, the BSE MidCap and SmallCap indices were in the negative territory, falling up to 0.8 per cent. Sector-wise, Nifty oil & gas, metals, realty, banks were the worst hit, down 1-3 per cent. While, the defensive pharma and FMCG held marginal gains.

Among stocks, Jain Irrigation Systems surged over 12 per cent after the company announced plans to merge its international irrigation business (worth Rs 4200 crores) with Rivulis Pte Ltd, which is a part of Singapore’s Temasek Group, to create a global irrigation and climate major and reduce the company’s debt.

Global Cues

Asian stocks slipped in volatile trade on Wednesday, failing to extend Wall Street’s rally as persistent worries about interest rates and inflation remained a key focus for investors, while the Japanese yen hit a fresh 24-year low against the dollar.

Tokyo stocks opened higher on Wednesday as investors took heart from a strong bounce back on Wall Street following last week’s rout over inflation fears. The benchmark Nikkei 225 index was up 0.67 per cent, or 175.54 points, at 26,421.85 in early trade, while the broader Topix index was up 0.70 per cent, or 13.07 points, at 1,869.27.

Wall Street’s major indexes jumped over 2 per cent on Tuesday as investors scooped up shares of mega-cap growth and energy companies after the stock market swooned last week on worries over a global economic downturn. The Dow Jones Industrial Average rose 641.47 points, or 2.15 per cent, to 30,530.25, and the S&P 500 gained 89.95 points, or 2.45 per cent, at 3,764.79. The Nasdaq Composite added 270.95 points, or 2.51 per cent, at 11,069.30.

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