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Market Update

Sensex Plunges 2.6% on Program Trading, Reliance to Sell Tower Unit


Author: Mukesh Buch
ticker.com
Last Update: 9:30 AM ET May 06 2015

6:00 PM Mumbai Sensex in Mumbai plunged 2.6% after sell orders kicked off by program trading overwhelmed market activities. France-based AXA won an approval to increase its stake to 49% in insurance venture with Bharti.

Market indexes in Mumbai plunged to a 4-month low on sell orders kicked by computer trading driven by foreign investors.

Stocks opened lower and power sector led the early decliners but after about an hour of trading, sell orders overwhelmed buyers and market indexes quickly declined as the sell-off widened.

In corporate news, Bharti Airtel gained after France-based AXA won an approval from the Foreign Investment Promotion Board to increase its stake to 49% from 26% in its venture with Bharti.

Rupee weakened 9 paisa 63.53.

The Sensex Index declined 722.77 or 2.6% to close at 26,717.37. The CNX Nifty dropped 227.80 or 2.7% to 8,097.

Gainers & Losers

ABB India Limited slipped 2.5% to ₹1,364.30 after the industrial motors supplier said net in the first-quarter increased 5.1% to ₹54.29 crore.

Total revenues in the quarter fell 0.7% to ₹1,815.29 crore.

Bharti Airtel Limited rose 0.8% to ₹389.95 after the largest wireless services provider and MSCI India Index increased its index weight to 2.6% from 1.3% from June 1.

Dabur India Limited fell 0.4% to ₹262.85 after the healthcare products maker said net in the fourth-quarter climbed 21% to ₹284.76 crore.

Net sales in the quarter advanced 10.2% to ₹1,944.81 crore.

Muthoot Finance Limited declined 3.6% to ₹177.95 after the personal and business loans provider said net in the fourth-quarter dropped 8.70% to ₹165.19 crore.

Total sales in the quarter slipped 4.92% to ₹1,087.04 crore.

Pfizer Limited plunged 4.6% to ₹2,142.50 after the pharmaceutical products maker said net in the fourth-quarter declined 23.8% to ₹42.68 crore.

Total sales in the quarter soared 81.3% to ₹456.31 crore.

Reliance Communications Limited tumbled 6.9% to ₹63.10 after the largest mobile operator plans to sell 51% in tower business unit Reliance Infratel at a valuation of ₹20,000 to ₹25,000 crore.

State Bank of Travancore increased 1.9% to ₹456.90 after the financial services provider said net in the fourth-quarter soared 295.2% to ₹191.96 crore.

Total revenues in the quarter decreased 2.5% to ₹2,703.18 crore.

Torrent Pharmaceuticals Limited advanced 1.4% to ₹1,199.40 after the generic pharmaceuticals maker plans to acquire Mumbai-based Zyg Pharma for an undisclosed amount.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc