Sensex cracks; ONGC, SBI combine shed Rs 30000cr market-cap
17 May 2011
Earnings woes coupled with subsidy burden dragged markets even further towards the much hyped support level of 5100 mark on the Nifty. The first set of results after change of guard at the India's largest lender SBI did not go down well with the bourses. Earlier in the day, speculative news broke that ONGC might have to shell out more money in terms of subsidy sharing.
The two PSU heavyweights together lost Rs 30000 crore market-cap today. The banking major went down 8% resulting in Rs 13000 crore market cap loss while ONGC shed 6% causing Rs 17000 crore market cap loss.
The Sensex shut shop at 18137, down 207.68 points or 1.10% and the Nifty closed at 5438.95, down 60.05 points or 1.07%. About 1118 shares advanced, 1724 shares declined, and 799 shares remain unchanged.
Nifty gainers: Jindal Steel, HUL, Bajaj Auto, ITC and TCS were up 0.8-2%.
Nifty losers: SBI, ONGC, SAIL, GAIL and Ranbaxy Labs were down 3-7%.
Broader markets Midcap gainers: KGN Industries, Shree Global, Puravankara Projects, Berger Paints and Stride Arcolab were up 4-5%.
