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Sensex ends below 25,500, down 382 points; Nifty at 7,731; IT, pharma stocks drag

"We expect the bounce on Nifty to get extended towards 7850-7900 levels, while 7700 remains to be a strong support for the index," said Angel Broking in a research note.

BT Online   New Delhi     Last Updated: November 18, 2015  | 17:08 IST
Sensex ends below 25,500, down 382 points; Nifty at 7,731; IT, pharma stocks drag
Market breadth turned negative with 23 of the 30 Sensex stocks trading in red. Photo: Reuters

The domestic markets ended the day sharply lower in trade on Wednesday as lingering concerns about earnings and the worsening global risk environment hit blue chips across the board.

The S&P BSE Sensex slipped below its crucial psychological level of 25,500, while broader CNX Nifty settled below its key support level of 7,750.

The 30-share index ended the day 381.95 points lower at 25,482.52. The broad-based 50-shares index quoted 7,731.80, down 105.75 points at close.

Market breadth remained fairly negative with 26 of the 30 Sensex stocks ending the day in red.

Hindalco was the worst performer on the Sensex and fell 5.5 per cent on the BSE.

Infosys shares ended 4 per cent down and hit its lowest level since July 20, continuing to reel after India's second-largest IT software exporter warned on Monday that reduced spending from top clients was pressuring margins.

"Index heavyweights, particularly IT and pharma, are finding strong headwinds," said Deven Choksey, managing director at KR Choksey Securities.

Shares of SpiceJet, Jet Airways and Interglobe Aviation wiped out all losses after slipping up to 4 per cent after Competition Commission on Tuesday imposed penalties totalling Rs 258 crore on airlines accusing them of cartelising in fixing fuel surcharge on air cargo.

Meanwhile, foreign investors were seen as extending their selling spree. They have been net sellers in November, selling around $648 million worth of equity shares during the month so far.

European shares fell in trade today, retreating back from solid gains made in the previous session, as a new fall in the price of copper caused mining stocks to lose ground.

There appeared to be limited market reaction to news that French authorities had killed two suspects after last week's attacks in Paris which killed more than 120 people.

Among Asian markets, China's Shanghai Composite settled the day 1 per cent down, while Hong Kong's Hang Seng was down 0.34 per cent. Japan's Nikkei ended with an uptick of 0.09 per cent.

Overnight, US stocks ceded earlier gains to end almost flat. The Dow Jones industrial average rose 0.04 per cent, to 17,489.5, the S&P 500 lost 0.13 per cent, to 2,050.44 and the Nasdaq Composite added 0.03 per cent, to 4,986.02.

ALSO READ: Top stocks that hogged limelight in today's trade

Lowdown on markets today

02:10 pm

Sensex at 25,595.39, down 269.08 points

Nifty at 7,756.55, down 81.00 points

01:00 pm

Sensex at 25,771.91, down 92.56 points

Nifty at 7,812.55, down 25.00 points

12:10 pm

Sensex at 25839.10, down 25 points

Nifty at 7831.30, down 6 points

11:20 am

Sensex at 25803.99, down 60 points

Nifty at 7819.05, down 18 points

9:24 am

Sensex at 25,860.44, down 4.03 points

Nifty at 7,829.10, down 8.45 points

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