BSE Sensex drops 255 points; Cipla tanks over 7% - Stock Market Pulse

Markets snaps 3-day winning streak; BSE Sensex dips 255 points

Markets snapping its three day winning streak closed lower today. After opening positive in morning it continued to slide down and settled down near day’s low. Banking and financial shares pulled the benchmark index down. Investors booked profits citing weakness in Asian and European markets. The S&P BSE Sensex dropped by 255.14 points or 1.25% at 20,193.35, after opening up by 30 points at 20,478 in the morning. The CNX Nifty also declined by 83 points or 1.36% at 6,001.10 after opening almost flat positive up by 4 points at 6,087.55.

In the sectoral indices, barring Realty index which managed to close up by 0.39% all the other indices closed weak. Bankex and Capital Goods indices dropped over 2%. Power, Oil & Gas, Metal and Healthcare indices fell between 2-1% each. FMCG index declined nearly by 1% and Consumer Durables also fell by 0.6%. Auto and IT indices closed marginally weak. Even in the broader markets weakness was seen. Mid-cap index fell by 0.83% and Small-cap index too declined by 1.05% respectively.

Among the BSE Sensex gainers, TCS and Mahindra & Mahindra gained by 1.42% and 1.16%. Sesa Sterlite and Sun Pharma advanced between 0.7-0.6%.

Among the BSE Sensex losers, Cipla tanked over 7%. BHEL, Coal India, ONGC and Hindalco Industries dropped between 4-3%. Tata Power, HDFC, L&T, SBI, Dr Reddys Lab and Hindustan Unilever fell between 3-2%. HDFC Bank and ICICI Bank fell nearly 2% and Axis Bank also declined by 1.61%. Tata Steel, Bharti Airtel, Bajaj Auto, Gail (India), Reliance Industries, Wipro and ITC were also down between 2-1% respectively. NTPC, Maruti Suzuki, Infosys, Hero MotoCorp and Tata Motors also closed on the losing side.

Cipla was the top Sensex loser down over 7%. It reported a 17% fall year-on-year (y-o-y) in consolidated net profit for the Q3 ended December 2013, due to higher cost. It had reported a profit of Rs 340 crore in the same quarter for the previous fiscal.

The marked breadth was firm negative. Of the 2732 shares traded, only 924 shares advanced whereas 1658 shares declined. While 150 shares remained unchanged.

Tags – BSE Sensex, Market Pulse, Stock Market Pulse

BSE Sensex drops 255 points; Cipla tanks over 7%
http://www.stockmarketpulse.net/2014/02/13/bse-sensex-drops-255-points-cipla-tanks/