Sensex sinks…ends below 18,000

The Indian markets ended with losses on Wednesday, led by index heavyweight Reliance Industries after its results failed to enthuse investors. The stock slipped 3%. The company quarterly profit of Rs48.51bn which was in line with street estimates. But there are concerns on whether it can ramp up gas production from the KG basin and whether it can keep the margin erosion in check in the Petchem segment



The NSE Nifty opened at around 5400 levels and remained lackluster in the first half as the benchmark indices struggled for direction. However, as the day progressed selling in the Oil & Gas and Realty stocks dragged the Nifty and the Sensex, with the two indices closing below 5400 and 18,000 levels.

"In the coming days, F&O expiry, earnings announcements and global cues would be deciding factors," says Amar Ambani, Vice Presicent, Research IIFL.

The Sensex lost 120 points to end at 17,957, while the Nifty lost 36 points to end at 5,394.

Markets in Asia ended on a positive note; the Nikkei in Japan gained 2.7%, Australia's S&P/ASX added 0.6%, the Hang Seng index in Hong Kong was up 0.5% and Shanghai SE Composite was up 2.2%.

European indices were mixed, the DAX in Germany was almost unchanged, the CAC 40 index in France was up 0.5% and the FTSE in the UK was down 0.2%.

Among the BSE sectoral indices, the BSE Oil & Gas index was top loser; the index lost 2%, followed by BSE Realty index which slipped 1.1% and BSE Capital Good index fell 1%. Among the top gainers, BSE Auto index was up 0.6% and BSE Pharma index was up 0.3%.

The Mid-Cap index slipped 0.3% while the Small-cap index marginally fell 0.2%.

Outside the frontline indices, the big losers in the broader market were EKC, Glenmark, MRPL, Fin Tech and Andhra Bank. On the other hand, gainers included Asian Paints, Cummins India, LIC Housing and Petronet LNG.