Sensex sheds 330 points; BHEL joins club of Q4 duds Infy, SBI
23 May 2011
The Indian markets kicked off the expiry week with deep cuts in the range of 1-7% for heavyweights. Rally in dollar has sparked sell off across the globe in several asset classes like commodities and equities.
Renewed worries in the euro zone over the weekend pulled the euro down to a record low against the Swiss franc, weakened risky assets such as Asian stocks and boosted safe haven investments like US government debt and gold on Monday
Sluggish breadth and fall of 2% amid high turnover will make the traders jittery going forward into the expiry this week.
The Sensex shut shop at 17993.33 down 332.76 points or 1.82% and the Nifty closed at 5383.95 down 102.40 points or 1.87%. About 849 shares advanced, 1985 shares declined, and 808 shares remain unchanged.
BHEL joined the club of Q4 duds. The stock skids below Rs 2000 mark with loss of close to 7%. Mixed earnings coupled with news of FPO dragged the stock close to its 52-week low.
The selloff was across the board. Capital goods, power, banks, realty, metal, pharma, auto, oil&gas were reeling under huge cuts of 1.5-3%. Short covering in ITC dragged the FMCG index into green territory.
.webp)
