May 12, 2015 11:47:33 am
The two-day pullback rally fizzled out as the benchmark S&P BSE Sensex today slumped 442 points to quote at 27,065.31 in late-morning deals following weakness in global stocks amid profit-booking by wary operators ahead of the IIP and CPI data to be released later in the day.
Selling was noticed across the board as all 12 sectoral indices were quoting down between 0.76 per cent and 2.61 per cent, with banking, capital goods, oil & gas, metal, power, realty and auto sectors leading the slide.
Overall, 27 out of the 30 Sensex scrips were trading weak while only Hero MotoCorp, Dr Reddy’s Lab and Coal India showed a firm trend.
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ICICI Bank, HDFC, RIL, Tata Motors, Infosys, HDFC Bank, L&T, Axis Bank, TCS and SBI succumbed to heavy profit-booking, which mainly weighed on the market.
Market participants are waiting for the announcement of macro economic data on inflation based on the consumer price index (CPI) for April 2015 and the Index of Industrial Production (IIP) data for March 2015.
The 30-share Sensex resumed stable, but declined onwards to quote at 27,065.31 at 1045 hours, a fall of 441.99 points, or 1.61 per cent. The gauge had rallied 908.19 points in the previous two sessions on the back of the government’s move to dispel overseas investors’ taxation worries and expectations of an RBI rate cut.
Similarly, the broader 50-issue CNX Nifty of the NSE plunged 150.15 points, or 1.80 per cent, to 8,175.10 at 1045 hours.
A weak trend at other Asian markets, weighed down by uncertainty over the Greek debt deal, too, dampened trading sentiment here, they said.
Key indices from Hong Kong, Japan, Singapore and South Korea were trading lower while those from China and Taiwan were quoting better.
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