Quick view: Sensex ends 72 points down, S&P warning triggers selling

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SummarySensex surrendered all gains to close 72 points down at a fresh 1-week low on heavy selling

After rising 248 points in early trade, the Sensex on Thursday surrendered all gains to close 72 points down at a fresh 1-week low on heavy selling, after rating agency S&P’s warning that India could be downgraded if the next government fails to reverse slide in economic growth. A weak rupee and tepid global cues ahead of US GDP growth data and ECB’s rate decision also affected market sentiment. Shares of realty, consumer durable, banking, power, PSU, capital goods and auto fell while IT and metal rose. The Sensex opened higher and moved up to a day’s high of 21,142.85 on initial buying on the back of capital inflows. However, it declined afterwards to 20,797.06 before ending at 20,822.77, registering a loss of 72.17 points, or 0.35%, as soon as news of S&P ratings filtered in. This is Sensex’s lowest closing after 20,570.28 on October 28. Among the 30 Sensex constituents, 17 stocks fell led by RIL, SBI, ICICI Bank, BHEL, Bharti Airtel and Tata Motors. Traders said investors booked profits in the intra-day upmove. However, TCS, Infosys, ITC, HUL and Sun Pharma gained.

NSE revises circuit limits of over 1,400 scrips

Leading bourse NSE has revised circuit limits for shares of 1,439 companies, including Kingfisher Airlines, Muthoot Finance, Wockhardt, Reliance MediaWorks, as part of its surveillance action. The revised circuit limits, which ensure that the price of a scrip cannot move upward or downward beyond a limit set for the day, is effective from Thursday. The exchange has increased the circuit limit for some stocks, while it has been reduced for others. NSE has raised the circuit limit for 139 shares such as Kingfisher Airlines, Suzlon Energy, UB Engineering, Everonn Education from 5% to 10%.

Fund raising via primary mkt drops 72% in Sept

Fund raising by Indian companies through the primary market route plunged 72% to nearly R1,500 crore in September over the preceding month. This has left the cumulative fund mobilisation by companies for the first six-month period (April-September) of the current fiscal at R9,130 crore, as compared to R8,987 crore raised during the year-ago period. According to Sebi data, companies mopped up a total of R1,477 crore in September, a slump from R5,269 crore mobilised in August.

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