Sensex sheds 200 pts on pressure, ends at 9,756.76
Mumbai, June 7: Strong volatility, weak global markets and redemption pressure on the mutual funds led to decline of the 200 points on the BSE Sensex, which closed at 9,756.76 points, as compared to the previous close of 9,957.32.
Following the global trend, Indian investors liquidated their positions by going for heavy selling of the mutual funds. All the global markets - NASDAQ, Dow Jones, NYSE and even the Asian markets like Nikkei, and Taiwan Straits witnessed a meltdown in their stock prices, largely influenced by the US inflation and the statement of the US Federal Secretary regarding consistent hike in the Federal Interest rates.
On the domestic front, the refusal of the Oil Ministry regarding any plan to roll back the hike in oil prices has also influenced the stock prices.
Index heavy weight ONGC is said to bear 90-92 per cent of the oil subsidy of the private oil players, hence, its stock price suffered a set back of 4.54 per cent and it last traded on Rs 993.30.
All the sectoral indices on BSE closed in red. Led by consumer durables' sector which was down by 7.48 per cent, other indices like midcap, smallcap, PSU, auto and metals also declined between 3.5 to 7.00 per cent.
Similarly, CNX Nifty was also down by 2.62 per cent or 76 points to 2,860.45 points from the previous close of 2,937.30 points.
The only scrip to have gained on the BSE index was HDFC, which was up by 0.11 per cent to Rs 1,165.00.
Besides, the losers on the BSE were - L&T, Ranbaxy, NTPC, Reliance Energy, ONGC, Hindalco, SBI, Tata Steel, Grasim Industries and Satyam Computers, all of them being down by 3 to 7 per cent.
The only scrip which gained on the index was HDFC, up by 0.11 per cent to Rs 1,165.00. Besides, the losers were - L&T, down by 6.59 per cent to Rs 1,988.30, Ranbaxy was down by 5.97 per cent to Rs 365.25, NTPC by 5.38 per cent to Rs 100.25, Reliance Energy by 4.99 per cent to 403.75 per cent, ONGC by 4.54 per cent to Rs 993.30, Hindalco by 4.13 per cent to Rs 154.40, SBI by 4.01 per cent to Rs 807.05, Tata Steel by 3.96 per cent to Rs 460.80, Grasim Industries by 3.44 per cent to Rs 1,638.30 and Satyam Computers was down by 3.25 per cent to Rs 615.30.
The breadth in the broader market was in favour of the 2,240 declines as against 181 advances, out of total 2,442 scrips traded on the BSE today.