Markets plunge to 6-week lows; Sensex tanks 229 points

Markets ended lower on Thursday as investors trimmed positions in equities after declining crude oil prices added to concerns over slowdown in global growth.

The Sensex ended 229 points down at 27,602 and the Nifty ended down 63 points at 8,293.

The government will tomorrow release Index of Industrial Production data for October 2014 and inflation based on Consumer Price Index for October 2014.

Meanwhile, foreign institutional investors were net sellers in equities to the tune of Rs 5.39 crore in the cash segment and about Rs 1,915 crore in the derivatives segment on Wedenesday, exchange data showed.

The Indian rupee weakened further to Rs 62.30 against the US dollar compared to the previous close of Rs 62.02 tracking weakness in equity markets.

The BSE Oil and Gas index was the top sectoral loser down 2.5% followed by IT, Realty and Consumer Durables indices.

Capital Goods, Healthcare and Auto indices were among the top gainers. Oil shares ended down on the back of declining global crude oil prices.

ONGC and Reliance Industries ended nearly 3% down contributing the most to the Sensex decline.

Infosys ended weak after the IT major ended 2.4% lower on the New York Stock Exchange on Wednesday.

On Monday, its founders sold 32.6 million shares of the company for an overall amount of Rs 6,484 crore via open market.

The stock ended down 2.3%. ICICI Bank, HDFC, Tata Motors, Bharti Airtel and Tata Steel were among the top Sensex losers.

Mahindra & Mahindra ended up 0.3% on reports that it is planning to purchase a stake in National Electric Vehicle Sweden AB (NEVS), the holding company that bought assets of Saab Automobile two years ago, documents filed in a local Swedish court showed.

In the capital goods space, BHEL ended up 0.2% on buying support at lower levels after the recent correction. L&T ended 0.3% higher.

Maruti Suzuki ended up 1% on media reports that the company is planning to launch a new hatchback.

HDFC Bank, ITC, Coal India, Sun Pharma and Dr Reddy's Labs were among the other Sensex gainers.

Among other shares, R Systems International has surged 9.6% after the company announced share buyback plan.

Shares of sugar companies have rallied by up to 5% on the bourses after the government fixes a price of Rs 48.50-49.50 per litre for procurement of ethanol for blending with petrol.

Bajaj Hindusthan , Shree Renuka Sugars, Balrampur Chini Mills and Dhampur Sugar Mills ended up 4-5% each.

Housing Development and Infrastructure dipped 6% after Credit Suisse (Singapore) sold nearly three million shares of the Mumbai-based real estate company via open market. Havells India has slipped 9% , extending its previous day’s 7% decline, after the company’s management has cut its FY15 guidance.

The stock has fallen nearly 17% from its record high of Rs 347 touched yesterday.

Sintex Industries ended up 2% after the company said it plans to invest Rs 5,500 crore in a greenfield textiles plant including spinning and knitting at Pipavav.

In the broader market, the BSE Mid-cap index and Small-cap index ended 0.6-0.7% lower.

Market breadth ended weak with 1,747 losers and 1,137 gainers on the BSE.