INDIAN BENCHMARKS: SENSEX ENDS 315 POINTS LOWER, NIFTY 50 BELOW 7400.
Domestic equity benchmarks bled on Wednesday amid weak global cues, with power and bank stocks coming under bear hammering.
Poor earnings and bank NPA concerns also weighed on market sentiments, and dragged the S&P BSE Sensex 315.68 points to 24,223.32 at the end of the session. NSE's Nifty50 index ended the day at 7,361.80, down 93.75 points or 1.26 percent.
Capital goods major BHEL -4.86 % fell 4.86 per cent to Rs 128.30 while NTPC -4.10 % lost 4.10 per cent amid worries that plant load factors of power projects will remain low amid muted growth in the economy and a rise in the share of renewable energy. Shares of Crompton Greaves slumped 25 per cent to Rs 122 on the NSE.
Tata Motors -2.79 % fell 2.79 per cent, Axis Bank 2.75 per cent and ICICI Bank -3.09 % 3.09 per cent. Hindustan Unilever (up 2.66 per cent) and TCS (up 0.65 per cent) were the only two gainers in the 30-stock benchmark.
The selloff in the banking stocks worsened, with Axis Bank emerging the biggest loser in the Sensex pack, down 2.75 per cent, followed by ICICI Bank, which lost 2 per cent, SBI 1.62 percent and HDFC Bank 1 per cent.
UPCOMING RESULTS:
BAJAJ AUTO, TATASTEEL, TORRENT PHARMA, ZYDUS WELLNESS, GSPL
HEADLINES OF THE DAY
- Bajaj Finance Q3FY16 robust performance: Net Profit up 58% (YoY)
- Crompton Greaves cracks on poor Q3 show
- Tata Communications Q3 consolidated net profit down 80% (YoY)
The crucial resistance for Nifty Trading Tips SPOT is now seen at 7410 and above this 7490.Support for the immediate term is now placed at 7336 and next support will be 7250.
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