The Bombay Stock Exchange stands on Dalal street in Mumbai. (Photographer: Adeel Halim/Bloomberg)

Sensex Suffers Worst Single-Day Drop In Seven Months

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Closing Bell: Sensex Drops 550 Points, Nifty Settles At 10,858

Indian equity benchmarks fell sharply led by losses in auto, IT and private sector lenders.

The S&P BSE Sensex fell 1.51 percent or 550.51 points to 35,975.63 and the NSE Nifty 50 Index 1.36 percent or 150 points to 10,858.

The Sensex’s 1.51 percent drop, which matched the March 16 decline, was the worst since Feb. 6 when the index slumped 1.61 percent.

Markets fell sharply as the rupee hit a new low amid lack of clarity on whether the central bank will allow a separate window for oil refiners to hedge dollars, AK Prabhakar, head of research at IDBI Capital, told BloombergQuint over the phone.

Investors are taking money off the table as quality names like Mahindra & Mahindra Ltd. and Eicher Motors Ltd. are witnessing correction, added Prabhakar. Currency weakening beyond 73 per dollar may also have led to a likely selloff by foreign investors as investors look to preserve capital, he said.

Sixteen of 19 sector gauges compiled by BSE ended lower dragged by the S&P BSE Auto Index’s 2.9 percent drop. Consumer Discretionary Goods & Services, IT, Telecom and Realty indexes on the BSE also fell over 2 percent. On the other hand, the S&P BSE Metal Index was top gainer, up 1.7 percent.

MOIL, Hindalco Among Fab Four Stocks Of The Day

  • MOIL: The Nagpur-based mining company rose as much as 7.6 percent, the most in over a month, to Rs 169 after it revised prices for different grades of Manganese ore with effect from Oct. 1.
  • NCC: The Hyderabad-based construction company rose as much as 8.2 percent, the most in over two months, to Rs 78 after the company said it received 3 new orders worth Rs 408.3 crore in September.
  • Hindalco: The Aditya Birla group aluminium and copper manufacturer rose as much as 5.5 percent to Rs 256.25 after Norsk Hydro moved to shut its biggest alumina refinery in Brazil.
  • Trigyn Technologies: The Mumbai-based IT company was locked in a 20 percent upper circuit at Rs 97.20 after its subsidiary received $18 million order from New York City Housing Authority (NYCHA) for a period of five years.

Market Check: Sensex, Nifty Extend Decline; M&M Slumps 6%

The benchmarks extended losses dragged by weakness in private banks, auto and IT shares.

The Sensex fell 0.96 percent or 350 points to 36,175 and the Nifty 50 Index tumbled 0.85 percent or 96 points to 10,912.

Ten of 19 sector gauges compiled by BSE were trading lower led bu S&P BSE Auto Index's 2 percent drop. On the flipside, the S&P BSE Metal Index was top gainer, up 2.6 percent.

Top 5 Nifty Losers

  • Mahindra & Mahindra down 5.8 percent
  • Eicher Motors down 5.3 percent
  • Bharti Infratel down 5.3 percent
  • TCS down 3.5 percent
  • Axis Bank down 2.9 percent

Top 5 Nifty Gainers

  • Yes Bank up 5.6 percent
  • Hindalco up 5.3 percent
  • HPCL up 4.4 percent
  • Vedanta up 4.3 percent
  • Indiabulls Housing Finance up 3.9 percent
Sensex Suffers Worst Single-Day Drop In Seven Months

NALCO Extends Gains As Norsk Moves To Shut Biggest Alumina Refinery

Shares of the state-run aluminium manufacturer extended gains and rose as much as 12.24 percent, the most in nearly five months, to Rs 69.70 after Norsk Hydro moved to shut its biggest alumina refinery in Brazil.

Hydro’s alumina refinery Alunorte in Brazil announced today that the plant is preparing for full curtailment of its operation, Norsk Hydro said in a press release.

MRPL, Bandhan Bank Among Stocks Moving On Heavy Volumes

  • Bandhan Bank: The Kolkata-based private sector lender fell as much as 6.66 percent to Rs 422.10. Trading volume was 16.3 times its 20-day average.
  • Elgi Equipments: The Coimbatore-based flow control equipment maker rose as much as 1.75 percent to Rs 242. Trading volume was 56.6 times its 20-day average.
  • Gayatri Projects: The Hyderabad-based construction company fell as much as 5.6 percent to Rs 181.55. Trading volume was 7 times its 20-day average.
  • Mangalore Refinery & Petrochemicals: The Mangalore-based oil refiner fell as much as 7.63 percent to Rs 64.20. Trading volume was 8 times its 20-day average.