Considering Vijay Mallya scam as a history, there were many other scams that hogged the limelight including the fraud committed by Nirav Modi, PNB and Rotomac Pens. These defaulting companies not only gave a setback to our sentiments but also shook the Sensex and Nifty by a storm. Even though the global sentiments are positive and the market has started appearing confident, the Indian stock market is rolling down in the yield curve.
After a brief turmoil, including the budget reforms the benchmark indices tanked by 236 points or 0.69 percent to 33,774.66 points while the 50 share Nifty settled 73.90 points low or 0.71 percent down at 10,378.40.
Why Sensex breached the psychological mark?
The Sensex was dragged to the lowest closing highs, thanks to serious financial irregularities committed by the PNB bank and Gitanjali Jewelers. The lack of stringent corporate governance law can be blamed for it.
Top Losers Today : Stocks that bowed down
As many as 37 stocks in Nifty index fell flat including the
Tata Steel
The company came under the pressure after the reports that it emerged as the highest bidder of defunct company Bhushan Steel Ltd. The stocks lowered down as much as 5.91%.
Dr Reddy’ Labs-
The company stocks came under the pressure after the grim quarterly results and the lawsuit filed by its investors. The shared declined by 2.65 percent.
Bajaj Auto
Though the two and three wheeler market profit rose by 3 percent yet the stock declined by 2.47 percent as the quarterly results did not came as expected.
PNB Bank
The shares of PNB bank tumbled down by 7 percent, following the 11,400 crore fraud in one of the bank in Mumbai.
Top Gainers Today: Stocks Refused to bow down under pressure
On the other hand there were some stocks that advanced in spite of weak stock market including Bharti Infratel-After the announcement of Singtel to invest in Bharti Telecom through preferential allotment, the stocks rose by . Even after huge domestic pressure.
YES Bank
During the final trading session, Yes Bank shares was seen priced at Rs 335.4, while rising above 8.8 points above the day’s lowest. The reason behind its advancement is improvement in the quarterly results and after listing itself with first $600m MTN bond.
Reliance Industries
Reliance Industries stocks are hitting the lifetime high the stocks are zooming at 4%, thanks to its quarterly results and aggressively marketed brand Jio.
Coal India
The experts believe that though Coal India is facing a lot of pressure yet the company has a bright future due to the increased demand from the power sector.
Axis Bank
The bank is facing a lot of challenge in form of competition but there is a belief that the company has a strong management and this has led to increase in its share price.
These stocks leaped up in between 0.70 percent and 1.50 percent.
The Sensex has witnessed the lowest level, but going forward with the economic growth and robust earnings momentum, there is a huge hope for the investors to accumulate good returns. After the corrections, it is estimated the shared will be available at better valuation
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