Domestic Equity Market has shown a negative sign on Wednesday dragged by heavy selling across the board amid weak global cues. Benchmark Indian equity indices plunged to their lowest in about a month. Net selling of FII/FPI was at Rs.1951.90 crore while net buying of DII was at Rs.612.80 crore. The Sensex plunged 871.13 points or 1.74 percent to 49,180.31 with shares of Asian Paints, Powergrid stood as gainers with a gain of 1.44%,0.98% respectively whereas shares of Mahindra & Mahindra, SBI, Axis Bank, ICICI Bank ,IndusInd Bank, ITC, L & T, NTPC, ONGC were the losers with a loss of 3.97%, 3.38%, 3.33%, 3.22%, 3.07%, 2.75%, 2.58%,2.53%, 2.24% respectively. The Nifty ended 265.35 points or 1.79 percent lower at 14,549.40 with Pharma Index emerged as the only gainer with a gain of 0.08% whereas Metal, Realty, Bank, Auto, Media, Energy, FMCG, IT Indexes were the losers with having loss of 2.94%, 2.61%,2.58%, 2.48%, 1.73%, 1.41%, 1.16% respectively.
TOP STOCKS IN NEWSCASTS:
Powergrid surged nearly 1% as Powergrid Corporation of India has signed a share purchase agreement with Jaiprakash Power Ventures for acquisition of 74 per cent stake of JPVL (Jaiprakash Power Ventures Limited) in Jaypee Powergrid Limited (a joint venture company of Powergrid and Jaiprakash Power Ventures Limited), at an aggregate cost of ₹ 351 crore.
ONGC plunged over 2% in today’s trading Session. ONGC is likely to hike gas price marginally to $1.82 next week while the same for difficult fields like one operated by Reliance-BP may fall below $4.