HomeUnlabelled Sensex, NIFTY plummets on RBI action to increase CRR by 50 basis points
Monday, January 01, 2007
Sensex, NIFTY plummets on RBI action to increase CRR by 50 basis points
ACC Ltd closed the day at Rs.1036.20, down by 6.25% followed by Tata Steel which lost 6.01% to close at Rs.453.40. Tata Steel crashed after the company proposed to increase the offer price for the acquisition of Corus.
Other major losers in Sensex include NTPC Ltd (Rs.142.85, down by 5.80%), Reliance Energy Ltd (Rs.526, down by 5.23%), HDFC Bank Ltd (Rs.1034, down by 4.70%), Bharti Airtel Ltd (Rs.607.10, down by 4.12%), Reliance Communication Ltd (Rs.429.70, down by 3.93%), Tata Motors Ltd (Rs.839.70, down by 3.13%), Hindalco Industries Ltd (Rs.174.05, down by 3.09%).
NSE S&P CNX NIFTY opened the day at 3961.90 and hit an intraday high of 3965.05 before hitting an intraday low of 3798.30. NIFTY finally closed the day at 3849.50, down by 112.50 points.
All 50 stocks in S&P CNX NIFTY were losers with banking stocks prominent among them. The top loser in NIFTY was Punjab National Bank. The stock opened the day at Rs.556 marginally above Friday's close and went on to hit a low of Rs.472 before closing at Rs.507.65, down by 8.44%. SBI was the second major loser in NIFTY with the stock losing 8.04% to close at Rs.1246.40.
Zee Tele Films lost 7.26% to close at Rs.321.75. ICICI Bank (Rs.820.85, down by 6.76%), Tata Steel (Rs.453.85, down by 6.36%), ACC Ltd (Rs.1036.30, down by 6.22%) lost more than 6% during the day's trading. Stocks that lost more than 5% were VSNL (Rs.401.95, down by 5.60%), Tata Power (Rs.555.40, down by 5.17%). Other prominent losers were Reliance Energy Ltd (Rs.527.25, down by 4.98%), HDFC Bank Ltd (Rs.1032.70, down by 4.89%), Oriental Bank of Commerce (Rs.235.35, down by 4.47%), Bharti Airtel Ltd (Rs.606.85, down by 4.34%), Reliance Communication Ltd (Rs.429.85, down by 4.04%), National Aluminium Company Ltd (Rs.207.45, down by 4.02%), IPCL (Rs.270.70, down by 3.97%), BHEL (Rs.2536, down by 3.90%), Siemens (Rs.1125.05, down by 3.80%), Jet Airways Ltd (Rs.630.40, down by 3.70%), Mahindra and Mahindra Ltd (Rs.801.55, down by 3.65%), HPCL (Rs.264.25, down by 3.54%), GAIL (Rs.253.40, down by 3.37%), Sun Pharma (Rs.962.50, down by 3.23%), Tata Motors Ltd (Rs.839.45, down by 3.16%), Hindalco (Rs.173.75, down by 3.15%), Ranbaxy Laboratories Ltd (Rs.375.45, down by 3.13%), MTNL (Rs.130.90, down by 3.11%), Suzlon Energy Ltd (Rs.1308.55, down by 3.08%), HCL Technologies Ltd (Rs.604.95, down by 3.01%).
The Indian markets have been on the rise after "May"hem. The markets hit a new high recently both Sensex and NIFTY hitting 14000 and 4000 mark respectively. Analysts were predicting the markets to hit new high in the near future. But, RBI's move has given a pause to the uptrend in the Indian markets.
Source: Equity Bulls
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