Closing Bell: Volatile trade on
D-Street, Sensex ends 279 pts lower, Nifty below 11,150; DHFL down 45%
A largely
volatile day has come to a close and indices have ended on a negative note. But
they are off the day’s low points. The Nifty has managed to give up 11,200 in
today’s trade. The Sensex has closed over 200 points lower.
The day
began on a strong note as good global cues and stronger opening on the rupee
boosted sentiment in D-Street. The Sensex had risen 300 points in intraday
trade. But a sharp selloff in the afternoon, led by a 50 percent crash in Dewan
Housing Finance’s shares as well as on Indiabulls Housing weighed big on the
market. The Sensex fell 1,000 points, while the Nifty had managed to breach 11,000-mark
as well.
However,
with managements of these NBFCs trying to allay fears and dismissing reports of
debt defaults, the market staged a recovery. Reports also emerged that DSP
Mutual Fund had managed to sell some short-term paper of DHFL at 11 percent
discount in a bid to build liquidity against its exposure to IL&FS. This
led to the massive fall in the market as well.
At the
close of market hours, the Sensex closed down 279.62 points or 0.75% at
36841.60, while the Nifty ended lower by 91.30 points or 0.81% at 11143.10. The
market breadth is negative as 596 shares advanced, against a decline of 2,071
shares, while 155 shares were unchanged.
HEADLINES OF THE DAY
Yes Bank stock
plunges 18% as RBI cuts CEO Rana Kapoor's tenure
DHFL stock
tanks over 45% intraday on default rumor
Sun Pharma gets
Australian TGA approval of ILUMYA
The crucial resistance for
Nifty spot is now seen at 11283 and above this 11390 Support for the immediate
term is now placed at 11075 next support will be 10940.
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