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SC coal order douses market fire; Nifty ends flat, metals melt

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Press Trust of India Mumbai
Last Updated : Aug 25 2014 | 8:10 PM IST
The benchmark Nifty scaled fresh new peaks before the Supreme Court ruling on coal block allocations spoiled the party and triggered a wave of selling, especially in metal stocks, in the last half-an-hour of trade, leading the index to end almost flat at the NSE today.
However, despite the selling pressure the 50-share index managed to end just above the 7,900-mark after recording its fresh intra-day historic high of 7,968.25. Earlier, the market surged on robust FII buying and higher global cues.
The apex court today ruled that guidelines were breached in allocation of coal blocks since 1993 till 2010.
Reacting to the verdict, metal stocks tumbled by 4.64 per cent, while banking and realty stocks, too, received a hammering. However, good buying in FMCG, IT, auto and pharma segments helped the market to avoid severe drubbing.
The Nifty hovered between a high of 7,968.25 and a low of 7,897.95 before ending at 7,906.30, showing a marginal loss of 6.90 points, 0.09 per cent, over its last close.
Asian stocks ended up as investors weighed comments from central bank leaders for clues to monetary policy ahead of conflict negotiations between Russia and Ukraine.

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Metal stocks were pummelled with Jindal Steel nosdiving by a whopping 13.91 per cent. Hindalco dropped by 9.67 per cent, Tata Steel 4.79 per cent, Sesa Sterlite 3.99 per cent and Tata Power lost 3.52 per cent.
However, TCS gained 2.35 per cent, BHEL 2.09 per cent, Dr Reddy's 1.91 per cent, Maruti 1.85 per cent and HUL gained 1.78 per cent.
Turnover in the cash segment dropped to Rs 14,400.49 crore from Rs 15,511.87 crore last Friday. A total of 7,935.54 lakh shares changed hands in 65,13,614 trades, while market capitalisation stood at Rs 90,29,652 crore.

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First Published: Aug 25 2014 | 8:10 PM IST

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