Sensex tumbles 254 points; HDFC twins weigh

BSE Sensex closed 254.33 points or 0.43% lower at 59,413.27; NSE Nifty declined 37.30 points or 0.21% to 17,711.30

21/09/2010 MUMBAI:A security grad putting a bracket at the Bombay Stock Exchange on September 21, 2010. The BSE benchmark Sensex shot up by over 135 points to regain the magical 20,000-level in the opening trade today for the first time since January 17, 2008 Photo: Paul Noronha

Equity benchmark Sensex dropped 254 points on September 29 following losses in index majors HDFC twins, Reliance Industries and ICICI Bank.

The 30-share BSE benchmark closed 254.33 points or 0.43% lower at 59,413.27. Similarly, the NSE Nifty declined 37.30 points or 0.21% to 17,711.30.

HDFC was the top loser in the Sensex pack, shedding nearly 2%, followed by Kotak Bank, Asian Paints, UltraTech Cement, HDFC Bank, HUL and Tech Mahindra.

On the other hand, NTPC, PowerGrid, Sun Pharma, SBI and Titan were among the gainers.

Domestic equities witnessed brisk recovery from intra-day lows, led by strong rebound in metal, pharma, and PSU banks, said Binod Modi, Head - Strategy at Reliance Securities.

According to V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the surge in the benchmark U.S. 10-year yield to 1.546% spooked global equity markets, with U.S. benchmarks witnessing cuts of above 2% in S&P 500 and Nasdaq in the previous session.

“It is too early to conclude that this is a trend reversal for markets. But at the present elevated valuations, the risk is high. Investors may watch for consolidation in markets,” he noted.

Elsewhere in Asia, bourses in Shanghai, Tokyo and Seoul ended with heavy losses, while Hong Kong turned positive.

Stock exchanges in Europe were trading on a positive note in mid-session deals.

Meanwhile, international oil benchmark Brent crude slipped 0.57 per cent to USD 77.90 per barrel. PTI ANS ABM ABM