Indian equity market pared all its gain in the last hour trading session to end the market for the 5th straight session at negative territory on the back of selling pressure visible in the Power, metal and real estate stocks. Sensex fall over 500 points from the day’s high to wraaped up the session at 28,850.97 plunged by 32 points. tracking the momentum NSE index Nifty ended the day at 8,711.70 down by 12 points.
Tata Power extended its losses for second straight session after rthe disappointing Q3 results. Tata Power reported net profit of Rs 198 crore during October-December quarter aganist 134 crore polled by analyst. Comapny had a loss of Rs 74.91 crore in the year-ago period. Net sales increased 1.2 percent to Rs 8,806.6 crore in the quarter ended December 2014 from Rs 8,700 crore in same quarter last fiscal.
The European Central Bank abruptly cancelled its acceptance of Greek bonds in return for funding, shifting the burden onto Athens’ central bank to finance its lenders and isolating Greece unless it strikes a new reform deal. The move, which means the Greek central bank will have to provide its banks with tens of billions of euros of additional emergency liquidity in the coming weeks, was a response to what many in Frankfurt see as the Greek government’s abandoning of its aid-for-reform programme.
The rupee on wednesday end marginally up by 2 paise to 61.73 against the greenback.
Among the sectorial indices of NSE CNX IT (1.90%) and CNX FMCG (0.49%) were only gainers while CNX Realty (-2.67%), CNX PSU Bank (-2.06%) and CNX Metal (-1.92%) were top laggards.
Market breath of NSE remain negative for the day with 1053 negative against 436 positve and 56 remian unchanged.
Out of 50 stocks of Nifty 17 ended in green and 33 in red.
Top 5 Nifty Gainers: HCL (3.88%), BPCL (3.49%), Wipro (3.20%), Infosys (2.01%) and Axis Bank (1.68%).
Top 5 Nifty Losers: Tata Power (-8.21%), Jindal Steel (-5.40%), PNB (-4.69%), Bank of Baroda (-4.57%) and Sesa Sterlite (-3.97%)
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