Closing Bell: Bloodbath on Dalal Street; Sensex plunges 806 pts, Nifty ends tad below 10,600.
Benchmark indices closed sharply lower on Wednesday with the Sensex losing 806.47 points or 2.24 percent to 35,169.16 as all sectoral indices ended in the red.
The 50-share NSE Nifty plunged 259 points or 2.39 percent to 10,599.30. More than two shares declined for every share rising on the BSE.
HPCL, BPCL and IOC were biggest losers among Nifty50 stocks, falling more than 11 percent after Finance Minister Arun Jaitley said the government cut excise duty on petrol & diesel by Rs 1.50 per litre. "Oil marketing companies will absorb Re 1 per litre w.r.t petrol & diesel prices."
Reliance Industries (6.87 percent) and Eicher Motors (5.71 percent) were other losers while ICICI Bank bucked the trend, rising 4.21 percent followed by Axis Bank (up 2.45 percent), UltraTechCement (2.16 percent), Bharti Infratel (1.77 percent) and Yes Bank (up 1.06 percent).
HEADLINES OF THE DAY
Chanda Kochhar quits ICICI Bank, Sandeep Bakhshi to succeed her as MD & CEO.
Indian rupee recovers from record low of 73.81 per dollar.
The crucial resistance for Nifty spot is now seen at 10630 and above this 10720 Support for the immediate term is now placed at 10420 next support will be 10200.
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