It was bad day for the metal, realty. capital goods and oil & gas which traded weak through the day. Broader markets were also weak leading to negative breadth. On the volume front, it was truncated.
Sensex ended down 245.76 points or 1.38% at 17578.72, and the Nifty closed down 61.60 points or 1.17% at 5223.50. On BSE, about 1221 shares advanced, 1750 shares declined, and 73 shares were unchanged. BSE midcap and smallcap ended down 0.41% each at 7680.39 and 9628.13 respectively.
FM confidently assured that India would maintain its GDP growth at 8.8%. He added that the keeping inflation under check has been the cornerstone of the Government policy. The FM pointed out that the country has seen 8% GDP growth in 12 successive quarters.
The markets also reacted negatively as the FM has proposed to hike the short term capital gains tax from 10% to 15%. However, the brokers are expected to benefit from the proposal of STT being allowed as deductible expenditure.
Auto stocks surged today and the BSE auto index ended with 1.2% gain on the back of deduction in the excise duty from 16% to 12%. Major gainers in this space were Maruti Suzuki, Bajaj Auto and Ashok Leyland.
BSE bankex which recoverd sharply in late trade ended up 0.4% at 10113.73. major gainers in this sector were SBI, PNB, Allahabad Bank and Federal Bank.
FMCG stocks were strong today, BSE FMCG index ended up 0.91% at 2274.39. Some of the major gainers were HUL, Godrej Consumer and GlaxoSmith Con.
Capital good counters were weak and the BSE index closed down nearly 3% at 16119.52. Major losers in this space were Suzlon, Punj Lloyd and Siemens.
IT sector ended with sharp cut of 2.65% at 3862.45. Major losers were HCl Tech, Financial Tech and Infosys. In the metal space, BSE index ended down 1.37% at 16739.52. Major losers in this space were Shree Precoated, Jindal Stainless, Nalco and Tata Steel.
BSE oil & gas index ended lower at 1.19% at 11032.16. Some of the major losers were BPCL, HPCL, Reliance and RNRL. In the power space, the losers were Suzlon, Punj Lloyd, Crompton Greaves. The index ended down 2.06% at 3670.94. BSE realty index was down 2.72% at 9565.67. Leading losers were Unitech, Akruti City and DLF.
Asian markets were trading weak. Japan's Nikkei dropped 2.54% or 354.19 points at 13,571.32. Hong Kong's Hang Seng fell 1.57% or 384.89 points at 24,206.80. Taiwan's Taiwan Weighted slipped 0.26% or 21.79 points at 8,440.29. Singapore's Straits Times was down 1.66% or 50.90 points at 3,023.25. South Korea's Seoul Composite plunged 1.22% or 21.14 points at 1,715.03.
Source : domain-b.com