Weakness in global markets severely hurt sentiments back home as a result of which key domestic indices tanked sharply for the day. Further, reports of government considering a review of the Double Taxation Avoidance Treaty with Mauritius to raise revenues did no good to the market sentiments. Markets commenced the day itself weak with weakness in Asian markets after disappointing data in the U.S. raised concerns of growth. Indices continued to slip lower throughout the day falling below the 17,000 level with negative cues coming from European markets as well. Market breadth was weak. On BSE, 2,079 shares fell and 733 shares rose.
The BSE Sensex touched a high of 17,121 and a low of 16,776 before it closed 1.9% or 320 points lower at 16,831. Mid cap and small cap stocks too were not left behind and fell pretty much in line with large cap counterparts. Both the BSE Mid-cap and BSE Small-cap indices ended 2.2% and 1.8% lower respectively. Similarly the S&P CNX Nifty shed 2% or 102 points to close at 5,086 slipping below 5,100.
As expected, majority of the indices were in red with only one gainer. It was the BSE Healthcare index which managed to hold itself above the flat line. The index gained 0.2%. The BSE Capital Goods index was the highest loser which fell 3.7% with index heavyweight BHEL falling almost 5% lower. This was closely followed by the BSE Bankex index which tanked 3.2%. Metal stocks fell on the back of falling prices on LME and global uncertainty. The BSE Metal index fell 2.5%. PSU, Realty and Power indices each fell by 2.5%.
It was mostly red on the BSE – 30 stocks with just 5 gainers. BHEL, Hero Motor, SBI, L&T and Bajaj Auto were the top five losers which tanked between 3.5% to 5% respectively. On the other hand, the only five gainers were Cipla, Wipro, HUL, Sun Pharma and Tata Motors which grew by 2.5%, 0.6%, 0.3%, 0.2% and 0.02% respectively.
As per the data released by SEBI, foreign institutional investors (FIIs) were net buyers in equity to the tune of Rs 91 crores. Similarly they were net buyers in debt segments to the tune of Rs 39 crores.