Sensex ends at 4-month low again, investors await IIP data

3:30 Indian equity markets dropped for the fourth consecutive day on Thursday. The Sensex fell by 59 points to 16,420, its lowest since 16th January. Nifty closed flat and just around the 5,000 level. The market breath was weak.

On the NSE, 814 stocks declined while 647 advanced. Selling by foreign funds has been a top concern this week, with net sales reaching a provisional 13.4 billion rupees over the previous three sessions, as per Reuters. Among the sectoral indices, 11 closed in red. Metals, autos, power, healthcare and FMCG were some of the sectors that saw profit booking. Oil and gas and consumer durables were the only sectors that were up.

In the 30-share sensex pack, 20 ended in the red. Top gainers included DLF, BHEL and ONGC while the losers were Maruti Suzuki, Jindal Steel and SBI. It was also a heavy day in terms of earnings as many companies announced results. Many stocks fell after reporting dismal results - Escorts, Dewan Housing, Jubilant Foodworks, Apollo Tyres. However, Cadila Helathcare and Canara Bank closed higher.

Major losers in the A group space were HDIL (-5.3 percent), Suzlon Energy (-4.87 percent), Lupin (-4 percent). In contrast, the gainers included Glenmark Pharma (7 percent), Hexaware tech (5.5 percent), Chambal Fertilisers (4 percent).

A ot of activity took place in the cement space on reports that the Competition Commission of India has completed its probe into alleged cartelisation by around 39 cement companies, CCI may impose hefty penalties on companies found guilty.

Kingfisher Airline ended in red after a section of Kingfisher pilots have decided not to fly from tonight to protest ‘backtracking’ by the management on its ‘assurance’ of remitting their January salaries from May 9.

All in all, investors will be watching tomorrow’s IIP nos for further direction.