Millennium Post

Bank share woes pull Sensex down 499 pts; ICICI Bank dips 4.95%

The S&P BSE benchmark sensex fell sharply by 499 points to close a one-week low at 29,182.95 due heavy selling pressure mainly in Banking sector coupled with lower Asian cues.

The shares of Icici Bank ended lower by 4.95 per cent after the largest private sector bank reported 14 pct YoY growth in net profit to Rs 2,889 crore for the quarter ended December 31, which was below the estimate of Rs 2,929 crore. The sensex opened higher at 29,801.60 and shot up further to all-time high of 29,844.16 on strong initial buying in view of strong foreign capital inflows.

But, immediately declined to 29,070.48 on prfoit-booking ending at 29,182.95, disclosing a sharp fall of 498.82 points or 1.68 per cent from its last close. The CNX 50-share Nifty also dropped by 143.45 points or 1.60 per cent to finish at 8,808.90 after hitting an all-time high of 8,996.60 in the early trade. Coal India closed lower by 3.81 pct as the divestment of up to 10 pct government stake in the state-run firm through the stock exchanges mechanism saw muted initial response. Meanwhile, Foreign portfolio investors (FPIs) bought shares worth a net Rs 1723.77 crore on Thursday as per provisional data. In overseas markets, Asian stocks ended lower. Key benchmark indices in Hong Kong, China, Singapore, South Korea and Taiwan dropped by 0.09 pct to 1.59 pct while Japan’s
Nikkei moved up by 0.39 per cent.
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