By IANS,
Mumbai : A string of negative news hit Indian equities markets Wednesday with traders dumping stocks and pushing a benchmark index down to more than a six-month low.
Broader markets continued to get pounded as mid-to-small valued scrips lost much more than front-liners.
The Central Bureau of Investigation widening the investigations related to the 2G scam combined with fears of further interest rate tightening had more than a dampening effect on traders.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,723.99 points, closed at 17,592.77 points, down 182.93 points or 1.03 percent from its previous close at 17,775.7 points.
The Sensex had closed around this level at July 7 last year.
The 50-scrip S&P CNX Nifty of the National Stock Exchange ended 1.11 percent lower at 5,253.55 points.
Broader markets saw heavier selling, with the BSE midcap index closing 3.64 percent down and the BSE small cap index ending 4.3 percent lower.
The market breadth was negative, with 516 stocks advancing compared to 2,365 scrips on the decline. A total of 98 stocks remained unchanged.
Among gainers on the 30-scrip Sensex were: M&M, up 4.06 percent at Rs.654.20; HDFC, up 3.16 percent at Rs.609.55; DLF, up 1.13 percent at Rs.242 and Infosys, up 0.98 percent at Rs.3,127.
Major losers included Reliance Infra, down 18.79 percent at Rs.534.70; Reliance Communications, down 14.32 percent at Rs.94.85; Jaiprakash Associates, down 10.68 percent at Rs.72.35 and Hindalco Industries, up 6.17 percent at Rs.219.70.
According to data available with market regulator SEBI, foreign institutional investors were net buyers, selling scrips worth $117.12 million Wednesday.
Other Asian markets were in the red as well with traders fearing that China’s latest interest rate hike could derail economic growth.
The Japanese Nikkei shed 0.17 percent to close at 10,617.83 points, while Hong Kong’s Hang Seng ended 1.36 percent down at 23,164.03 points.
A benchmark of Chinese markets, Shanghai Composite index, which reopened after a long holiday, shut shop 0.89 percent lower at 2,774.07 points.
European markets were flat as traders took a breather after a recent rally.
Around mid-day, the French CAC 40 was trading 0.1 percent down at 4,103.97 points, while the UK’s FTSE was ruling 0.28 percent lower at 6,074.33 points.
The German DAX was ruling flat at 7,323.65 points.