Sensex falls 175 points, Nifty slips below 10,200; L&T Infotech soars 6.5%, Unitech tanks 14%

By: |
Updated: December 13, 2017 3:59:25 PM

Indian stock markets closed lower in a rangebound choppy trade on Wednesday. BSE Sensex washed off 174.95 points or 0.53% to settle at 33,053.04 while NSE Nifty lost 47.2 points or 0.46% to end at 10,192.95.

Sensex moved between 32,988.82 and 33,404.26 today. (Image: Reuters)

Indian stock markets closed lower in a rangebound choppy trade on Wednesday. BSE Sensex washed off 174.95 points or  0.53% to settle at 33,053.04 while NSE Nifty lost 47.2 points or 0.46% to end at 10,192.95. During the day, the benchmark Sensex opened down in morning recoiled back into green in late morning trades but again tumbled in the early afternoon session, tripping below 33,000-level. Sensex moved between 32,988.82 and  33,404.26. Shares of Kotak Mahindra Bank, TCS and ONGC emerged as the only notable gainers on Sensex today. Investors sentiments were mixed as retail inflation spiked to a 15-month high on Tuesday with wholesale inflation data due for later tomorrow. The market mood was also cautious ahead of the outcome of US Federal Reserve policy.

Shares of Cipla, Adani Ports, State Bank of India, ICICI Bank, L&T, Power Grid were the top losers on Sensex today, losing up to 2.07% while Kotak Mahindra Bank, TCS, ONGC, Dr Reddy’s, Hindustan Unilever gained up to 1.15%. The heavyweight stocks such as ITC, ICICI Bank, SBI, HDFC, L&T, and Infosys contributed the most to the down surge of Sensex. Collectively these six stocks alone washed off about 107 points out of the 174.95-point slump in Sensex. On the other hand, a little uptick in Kotak Mahindra Bank, Tata Consultancy Sevices, HUL and ONGC added 32 points, trimming further losses. The Supreme Court on Wednesday stayed the National Company Law Tribunal (NCLT) order in the case of the realty firm Unitech Ltd allowing the government to take control of the company, TV reports said. Following it, Unitech shares tanked 16.9% to hit the day’s low of Rs 6.39 before closing 13.78% down at 6.63 on BSE.

Shares of L&T Infotech rose nearly 8% on Wednesday and were the top gainers in ‘A’ group of Bombay Stock Exchange. The stock of L&T Infotech advanced as much as 7.94% to an all-time high of Rs 1,078.35 on BSE. Following the spurt in the share prices, the L&T group company, L&T Infotech added about Rs 1,353.99 crore in the market capitalisation. At the all-time high price of L&T shares, the market capitalisation jumped to Rs 18,517.22 crore from Rs 17,163.22 crore a day before. In a development yesterday, Larsen & Toubro Infotech said that it will offer blockchain solution powered by Microsoft Azure. Among other major Asian markets, Shanghai Composite Index gained 0.7% to 3,303.04, Hong Kong’s Hang Seng rose 1.5% to 29,222.1, Tokyo’s Nikkei 225 shed 0.5% to 22,758.07 while Seoul’s Kospi added 0.8% to 2,480.55.

The Central Statistics Office (CSO) released the two key macroeconomic data — Consumer Price Index (CPI) for November and Index of Industrial Production (IIP) for October — yesterday evening.The Retail Inflation for November has surged to a 15-month high at 4.88%, breaching the 4% target set by the Reserve Bank of India, from 3.58% in the previous month, government data showed on Tuesday. Meanwhile, the Industrial production growth slowed to 2.2% in October as compared to 4.2% a year ago. The IIP, commonly known as factory output, continued to decline and fell to a three-month low of 2.2% on annual basis in October mainly due to a dull performance of mining and manufacturing sectors coupled with a contraction in output of consumer durables.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition