Indian Equities correct sharply on Tuesday as Rupee continues downslide - Microsec

Indian equities corrected sharply on Tuesday on concern over Rupee depreciation and expected rise in fiscal deficit due to food security bill. This will likely to complicate monetary policy and may fuel speculation about possible rating downgrade for India.

Nifty closed at 5287.45 down by 189.05 points or 3.45% over the previous day closing of 5476.50 after witnessing a low of 5274.25 and a high of 5427.40. Sensex closed at 17968.08 up by 590.05 points or 3.18% over the previous day closing of 18519.44.It touched an intraday low of 17921.82 and high of 18460.72.

The markets' breadth was positive. Out of 2395 stocks traded 719 stocks advanced, 1538 stocks declined and 138 stocks remained unchanged. In Sensex, Out of 30 stocks 03 stocks advanced and 27 stocks declined.

Among the sectors, BSE Bankex, BSE Capital Goods and BSE Power were the main losers of the day which decreased by 5.34%, 4.71% and 4.51% respectively.

In BSE Bankex Yes Bank, HDFC Bank, and Indusind Bank decreased by 9.62%,8.04% and 7.32% respectively. In BSE Capital Goods sector BHEL, L&T and Pipavav Defence declined by 9.49% 5.30% and 4.99% respectively. In BSE Power sector JP Power ,Reliance Infra and NTPC decreased by 9.20% 6.28% and 5.86% respectively.

Source : Equity Bulls

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