Sebi order spooks Street; Sensex drops 260 points
Volatility continued to plague Dalal Street as benchmark indices languished into the negative territory despite a buoyant outset in Tuesday’s session. Indices succumbed to selling pressure after the Securities and Exchange Board of India (Sebi) clamped down on 331 suspected shell companies listed on the bourses. While the BSE Sensex plummeted 259.48 points, or 0.80%, to close at 32014.19, Nifty tanked 78.85 points, or 0.78%, closing below the crucial 10000 mark at 9978.55.
Dr Reddy’s emerged as the worst performer in the Sensex pack, losing 4.91% followed by State Bank of India 2.33%), ITC (2.07%), ICICI Bank (1.70%), NTPC (1.69%) amd Power Grid (1.64%). Axis Bank, ONGC, Maruti Suzuki, Hero MotoCorp, Sun Pharma, Kotak Mahindra Bank, Lupin, Reliance Industries, L&T, HDFC Bank, Infosys, Asian Paints, Wipro, TCS and HDFC, stood among other laggards falling up to 2.33%.
India VIX climbed to near five-month high after the Sebi order
However, among Sensex gainers stood Tata Steel by climbing 2.63% after the company returned to profit in the quarter ended June 30, 2017. In the metal space, Hindustan Aluminium, Nalco, Vedanta, SAIL and NMDC, too showed some strength.
Investors turned jittery after the market regulator last night directed bourses to initiate action against the …read more
