Money on the markets
A maturing market amid the mayhem
Weak Asian and European markets also weighed on sentiments.
Losses in heavyweight stocks like ICICI Bank, Reliance Industries and Bharti Airtel dragged the benchmark lower by over 300 points.
After rising over 20 percent on Monday, Ranbaxy Labs shed 8 percent. Bharti Airtel, which has restarted merger talks with MTN, ended 5 percent lower.
All sectoral indices barring the info tech index ended in red. The realty index registered a nearly 4 percent drop as shares in HDIL, Unitech and DLF fell.
Index heavyweight and top private lender ICICI Bank gained over 7 percent to close at 574 rupees. Its shares have gained 28 percent this year.
The outcome of the elections this weekend weighed on investors’ minds as the benchmark slipped nearly 200 points to close at 11,683.
Some index heavyweights took a beating – Reliance Industries slipped 1.98 percent, SBI ended 4.8 pct lower and L&T dropped 2.8 percent.
After rising over 3 percent by mid-day, the Sensex pared gains and closed just 0.69 percent higher at 11,023 as investors booked profit ahead of the weekend.
Infosys Technologies, L&T and ICICI shares led the gains in the benchmark.
Unitech emerged as the star performer, surging over 20 percent. Unitech is looking to sell more stocks and assets, such as hotels and offices, to cut its high debt.
Reliance Industries, ICICI Bank and ITC led the gains in the benchmark index as it traded firm almost throughout the session.
The BSE Sensex shrugged off the RBI decision to keep rates steady and closed 3.8 percent higher as gains in global markets triggered short covering ahead of the expiry of monthly derivatives.
In today’s policy review, the Reserve Bank left its lending rate steady at 5.5 percent and its reverse repo rate unchanged at 4.0 percent at its policy review on Tuesday. It has also kept the cash reserve ratio unchanged at 5.00 percent.