Sensex breaches 11,000, recovers; Retail stocks form mixed bag

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Green is the word that remained alien at Dalal Street, this Wednesday. The benchmark index Sensex continued to nosedive for the third day in a row. Nothing really seems to be working, neither RBI’s reduction of CRR nor Sebi’s plans to raise the FII investment limit.

The 30-share Sensex tanked 366.88 points to close at 11328.36.

After opening at 11,316 Wednesday morning, below 379 points from the previous close of 11,695, the index created panic as it headed below 11,000 at one time. However, a slight recovery caused the Sensex to gain 581 points from its day’s low of 10,747.

The day stayed terrible too for all the financial markets across the globe. European markets tumbled, Asian markets cracked badly and the Indian market crashed but recovered at close.

The fifty-share index Nifty too danced to the tunes of Sensex. Nifty lost 92.95 points from its previous close to close at 3,513.65. The overall market breadth was negative with advances at 141 against declines of 1144 on the NSE.

The list of top five losers comprised of United Spirits (-17.52 per cent), Aban Offshore (-17.49 per cent), Guj NRE Coke (-16.77 per cent), Bajaj Holdings & Inv (-16.50 per cent) and Nagarjuna Constr (-15.23 per cent).

The retail stocks failed to cheer too. Vishal Retail, with a loss of Rs 42.95 (19.90 per cent), was the top loser in the segment. The stock closed at 172.85 after witnessing its day’s high at Rs 212. Next to follow in the same feather were PVR Ltd (-12.92 per cent) to close at 113.20, and Adlabs Films (-9.62 per cent) to close at 253.10.

Trent was hit badly too on BSE as it lost 6.68 per cent (Rs 28.55 ) to end the day at Rs 398.70. Provogue also shed 1.80 per cent to close at Rs 130.80.

Interestingly, Shopper’s Stop, like yesterday, again surprised the market when it closed green to close at Rs 205, up 5.13 per cent. The stock had a day’s high and low at Rs 219.00 and 191.25 respectively. Others in the green were Koutons Retail and Pantaloon Retail. While the former went up Rs 2 (0.32 per cent) to close at 635, the later gained a mere Rs 0.75 (0.33 per cent) to close at Rs 230.45.

In the footwear arena, Liberty Shoes closed at Rs 46.90(-6.20 per cent). Bata India dipped 9.36 per cent to close at Rs 101.65. However, Relaxo Footwears managed to escape any losses and ended up gaining 7.15 per cent to close at Rs 34.45.

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