Sensex loses ‘Modi magic’ as global woes drag index to 2014 levels | business | Hindustan Times
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Sensex loses ‘Modi magic’ as global woes drag index to 2014 levels

business Updated: Jan 21, 2016 07:44 IST
Sensex

India’s stock markets ended at a fresh 20-month low on Wednesday, dropping to their weakest since before the election of Prime Minister Narendra Modi on increasing concerns the country will be hit hard by the growing turmoil in global markets(Reuters)

India’s stock markets ended at a fresh 20-month low on Wednesday, dropping to their weakest since before the election of Prime Minister Narendra Modi on increasing concerns the country will be hit hard by the growing turmoil in global markets.

The broader Nifty ended 1.69 percent lower, its lowest close since May 30, 2014. The benchmark Sensex ended down 1.71 percent, its lowest close since May 15, 2014. Both indexes fell as much as 2.6 percent each earlier in the session.

With this, the index has fallen to the weakest level since May 16, 2014, the day the new government won a landslide mandate in general elections. Following weakness in stocks, the market capitalisation of BSE-listed companies fell by Rs 1,84,086 crore to Rs 90,64,734 crore.

“The market ended at fresh 20-month low with the Sensex closing down 417 points as worries on global economic growth continued to roil the Asian and European markets,” said Sanjeev Zarbade, Vice President-Private Client Group Research, Kotak Securities Limited.

Among the 30-Sensex components, 27 ended in the red led by Adani Ports and SEZ, State Bank of India and Reliance Industries Ltd. Bajaj Auto, Hero MotoCorp and Wipro, however, ended with moderate gains.

Sectorwise, BSE realty index suffered the most, followed by metal, PSU, power, banking and oil&gas. At the BSE, 2,105 stocks declined, while 511 advanced. 137 stocks remained unchanged. Tracking the weak sentiment in the stock market, 194 stocks hit their 52-week lows on the BSE.