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Basket selling grips Dalal Street
Tue, 16 Dec Closing

After trading in the negative territory during post noon trading session, the Indian equity markets lost further ground and closed in the red. While the BSE Sensex today closed lower by 538 points, the NSE-Nifty closed lower by 152 points. Midcaps and Smallcaps too closed in the red today. While the BSE Mid Cap index was down by 2.96% the BSE Small Cap index closed lower by 3.36%. Metal and realty stocks were the biggest losers today.

As regards global markets, Asian pack too closed weak today. The rupee was trading at Rs 63.53 odd levels to the dollar at the time of writing.

Metal stocks ended the day on a weak note. The stock of Hindalco lost considerable ground and closed with losses of 5% today after a special court rejected CBIs closure report involving Hindalco in the coal block scam case. The special court believes that further investigation into the matter is required and CBIs decision to close the case against Hindalco in the month of August may be premature. In fact, the special court also rapped CBI for hurrying into the matter for closing the case. Amidst, this regulatory mess the stock remained under pressure.

Construction & real estate stocks ended the day on a weak note. Infrastructure major JP Associates lost 6% in trade today and touched 10 year low after the debt laden company delayed the repayment of FDs to its investors. The money was raised via FDs in 2012 for a tenure of up to 3 years. Considering its worsening financial position the company withheld payments to its FD depositors that were due now. It may be noted that JP Associates has net debt in excess of Rs 600 bn and is planning to sell some of its non-core assets in order to repay the debt and improve its balance sheet strength.

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