Capital markets continued their downward journey tank for the third consecutive day on Thursday, taking cues from the global markets. The anxiety over inflation numbers and IIP numbers added to the bearish sentiments.
Sensex plunged 246 points to close below 21,000-level. The index opened lower at 21,101 against the previous close of 21,171. It made a high of 21,104 and low of 20,901 before closing at 20,926.
Nifty was down 71 points at 6,237.
The turnover on BSE was marginally at Rs 1,773 crore against Rs 1,749 crore recorded on Wednesday. Except for the power index, most sector specific indices closed in the red.
Shares of Reliance Industries, Bharit Airtel and Bharti Infratel dropped. Index heavyweight Reliance Industries was down one per cent at Rs 870, Bharti Airtel fell one per cent to Rs 323 and Bharti Infratel dropped three per cent to Rs 179.
The three stocks were in demand yesterday after Reliance Jio Infocomm, a subsidiary of Reliance Industries and Bharti Airtel announced a comprehensive telecom infrastructure sharing arrangement under which they will share infrastructure created by both parties. The announcement was made after trading hours on Tuesday.
Extending Wednesday's losses, Coal India was down two per cent at Rs 282. The company after market hours on Wednesday said that Competition Commission of India has slapped a penalty of Rs 1,773 crore. Metal and mining stocks dropped for the second day in a row. Bank stocks declined ahead of data on consumer price inflation.
Major losers of the day were Adani Enter (-5%), Tata Motors (-5%), TV18 Broadcast (-4%), Power Finance (-3%) Torrent Power (-3%), Bharti Infratel (-3%), Suzlon Energy (-3%) Allahabad Bank (-3%) and Ambuja Cements (-3%).
Among gainers were Coromandel Intl (8%) Mcleod Russel (6%), Tata Power (4%) Pipavav Defence (3%), United Brew (3%) and MRF (2%).