Fed tightening bearish

Today's major news

Zuari Industries flares up on urea price hike; the stock jumps 3.31%

Unichem Laboratories receives CEP for two drugs; the stock rises 0.59%

Larsen & Toubro plans big in wind and hydro-power generation; the stock is down 0.06%

Himalya launches ‘Himalya Fresh’; the stock closes 0.69% lower

Jain Irrigation inks memorandum of understanding with IRRI; the stock drops 1.99%

Post-market summary

Global signals

European indices fell on early trades after a four-day winning streak owing to Federal Reserve move on raised discount rate. At the time of writing this report, FTSE 100 was down 0.19%.

All the major Asian indices closed lower. Shanghai Composite was closed today. SGX Nifty closed 40 points lower.

US stock futures opened weak on Friday after the Federal Reserve raised emergency lending rates it charges banks.

Indian indices

Indian markets closed lower on second straight day on the back of continuous selling in realty and metal stocks and weak global cues after the US Federal Reserve hiked lending rates. The Sensex opened 71 points lower at 16256 and droped further. The day’s high was 16302 and the low was 16074. At finishing line, the Sensex closed at 16191, 131 points lower. Nifty closed 43 points down at 4845.

Market sentiment

The market breadth was negative. Of 2,879 stocks traded on the BSE, 796 stocks advanced, whereas 2,018 stocks declined. Sixty-five stocks closed unchanged

Sectoral & stock screening

Out of the 13 sector indices on the BSE, only BSE HC (up 0.07%) closed higher. The remaining indices ended lower. Among loser BSE Realty dips the most by 3.37% followed by BSE Metal that declined by 2.49% for the day.

On stocks front, Glaxosmithkline Pharma surged the most by 4.30% followed by Financial Technologies that rose 2.25% and Educomp Solutions that jumped 1.88%. Among losers, Jaiprakash Associates slid the most by 4.35% followed by DLF that slipped 4.10%.

Viewing volumes

Unitech was the most actively traded share with over 1.18 crore shares changing hands on the BSE followed by Chambal Fertilisers and Chemicals (0.58 crore shares), wind power major Suzlon Energy (0.57 crore shares), public sector fertilizer company Rashtriya Chemicals and Fertilisers (0.43 crore shares) and industrial finance company IFCI (0.33 crore shares).