Stock Market Updates for Today (20th June '11)
Stocks tumbled after a positive start this morning following a severe bout of selling pressure on reports of a likely resumption of talks between Mauritius and India on tax treaty arrangement. The market did stage a recovery of sorts after sources from the finance ministry clarified that no timeline has been set as yet for renegotiation of the double taxation avoidance agreement with Mauritius, but stocks faltered and drifted lower again with investors tracking cues from Asian and European bourses where stock prices retreated amid concerns about the impact of Greece's debt worries on the global economy.
Mirroring widespread selling, all the sectoral indices ended in the red today. Losses posted by realty, oil, information technology and automobile stocks were more pronounced. Metal, power, healthcare and FMCG stocks too ended mostly lower. Capital goods stocks too finished with notable losses. Some bank stocks found a bit of support midway through the session, but failed to hold at higher levels. Consumer durables stocks ended on a mixed note.
Midcap and smallcap stocks took a severe beating. The BSE Midcap index tumbled by 3.18% and the Smallcap barometer ended 3.26% down. The market breadth was very weak.
Out of 2920 stocks traded on BSE, as many as 2286 stocks declined. 554 stocks posted gains and 80 stocks ended flat. Among BSE 'A' Group stocks, 184 stocks ended weak, while 20 stocks bucked the trend and posted gains.
The Sensex, which opened more than 50 points up at 17,925.17 - it remained its high for the day - this morning, tanked to 17,314.38 in a flash, losing more than 550 points in the process. Despite coming off that level, the barometer ended the day with a big loss of 363.90 points or 2.04% at 17,506.63. The Nifty index of the National Stock Exchange settled at 5257.90, more than 60 points off the day's low of 5195.90, recording a loss of 108.50 points or 2.02%.
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