Sebi scanner on shell companies hit hard; Sensex, Nifty face heavy losses

  • Sebi scanner on shell companies hit hard; Sensex, Nifty face heavy losses

Sebi scanner on shell companies hit hard; Sensex, Nifty face heavy losses

Intra-day, it hovered between 10,088.10 and 10,046.35.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,341.05 points, closed at 32,014.19 points - down 259.48 points, or 0.80 per cent - from its previous close at 32,273.67 points.

Motilal Oswal in its daily Market Outlook report said, "Nifty index managed to hold 9980-10000 zones and witnessed a sharp recovery from lower levels led by short covering activities in last one hour of the session".

The broader NSE Nifty ended 0.78 per cent lower at 9,978.55, its lowest close in two weeks. Sensex fell over 246 points to 32,054 while Nifty went over 64 points down to 9,989.

Market breadth was negative with 539 advances against 1,611 declines.

On Monday, the benchmark indices traded rangebound and closed on a flat-to-negative note.

The 50-share NSE Nifty settled nearly flat, down by 9 points, or 0.09 %, at 10,057.40.

On Tuesday, the stock markets saw a major downturn as bank stocks took serious blows after Sebi directed bourses to initiate action against 331 suspected shell companies on Monday. Banking stocks, which have outperformed in the recent rally, fell sharply with the sectoral index Bank Nifty down over 1.2 per cent.

In investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) invested Rs 1,539.82 crore, while domestic institutional investors (DIIs) purchased stocks worth Rs 798.55 crore.