Business Daily from THE HINDU group of publications
Wednesday, Nov 04, 2009
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Business Daily from THE HINDU group of publications Wednesday, Nov 04, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Stock Markets Markets - Stock Markets
Rajalakshmi Sivam BL Research Bureau In just 10 days following Diwali, the Sensex has lost over 1900 points, a 11 per cent fall from the closing on October 17. Investors who had bet on stocks such as Reliance Communications, DLF and JP Associates on the moorat day this year have already seen a 25 per cent or higher erosion in their capital. The carnage witnessed in the Sensex was mainly led by price correction in three stocks – Reliance Industries, ICICI Bank and State Bank of India. LosersThese three stocks have together shaved-off over 900 points from the Sensex. Stocks from the infrastructure and realty spaces were among the worst to fall since Diwali. One in every four stocks that saw price correction of over 25 per cent in this period (in the BSE 500 index) was from either of these two sectors. A few heavy losers from this space are Punj Lloyd, Suzlon Energy, Unitech Enterprises, Parsvnath Developers, HDIL, JP Associates and Omaxe. A few stocks have, however, been spared by the market in this period. The three from the Sensex basket that managed to post positive returns are Sun Pharma, TCS and Wipro. In the BSE 500 there are more than a handful of gainers; the top ones being Kirloskar Ferrous, Zee News, IPCA Laboratories, Dr Reddy’s Laboratories and Sundaram Fastners. Each of these stock moves has followed good results. Since October 17, the foreign institutional investors have sold Rs 4,460 crore in the market. After January this year, this is the first time the Indian market is seeing foreign institutional investors offload more than Rs 4,000 crore in less than a month. Index Outlook: The long-awaited correction Sensex tumbles on heavy sell-off Sensex at 17-month high No Diwali cheer for second quarter earnings More Stories on : Stock Markets | Stock Markets
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