Markets suffer biggest loss in 6 weeks, Sensex plunges over 360 points

The markets have undergone correction in the last two days after a bull run lasted for the previous couple of weeks on the back of India's impressive showing in World Bank's Ease of Doing Business rankings. Sensex fell 152 points to close at 33,218.81 points while the NSE Nifty fell 47 points to close at 10,303.15 points.

The Nikkei Asia300 index fell 0.3% after a mixed session on Wall Street overnight and pullbacks in shares of energy producers.

However, the S&P BSE IT and Teck (media, entertainment and technology) indices ended with gains. However, concerns over crude oil price gains continue to dampen investor sentiment.

On Wednesday, 18 of the 30 Sensex constituents ended lower, while overall declining issues beat advancing ones 1,805 to 949 and 126 remained unchanged.

Drug firm Lupin was the worst performer in the Sensex pack, crashing 16.84 per cent to close at its 52-week low after the company said it has received warning letter from the United States health regulator for its manufacturing facilities in Goa and Indore.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors invested in scrips worth Rs 461.47 crore whereas domestic institutional investors divested in stocks worth Rs 2,046.07 crore.

"Additionally, continuous negative observations by USFDA on high quality Indian pharma companies are leading to a downgrade for the sector", said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

Meanwhile, in European markets, Euro zone stocks and blue-chips gained 0.1 per cent, Reuters reported.

According to market observers, healthy buying support was witnessed for the banking, IT and capital goods counters, whereas heavy selling was seen in consumer durables, metals and oil and gas stocks.

A similar trend was witnessed in the broader markets as investors preferred to take away profits at record levels, pulling down the mid-cap index by 1.47 per cent and small-cap by 1.35 per cent.

Buxton, Dozier Awarded AL Gold Gloves
Rahul to take part in black day protest in Surat