Coal De-allocation affects Stock Market, closes on one-month low

SensexOn the day when the Prime Minister Narendra Modi launched his pet scheme ‘Make in India’ campaign, the Sensex and the Nifty dropped to their one month low.

The stock market in Bombay dropped 276 points and Nifty fell 90 points on Thursday. The reason came as metal, power and banking bluechips crumbled due to coal mines de-allocation. The oil and gas sector was hit by selling on adjournment of a hike in gas price.

Initially, BSE touched a high of 26,814.20 but later crumbled down to 26,349.55. Anyhow, it managed to gain some points before closing and called-off for the day at one month low of 26,468.36.

Speaing on the fall, Pramin Brahmbhatt of Veractiy Group said, “For the third session in row, local indices fell. ONGC and RIL lost over 3 per cent each as government deferred decision on gas price hike. Indices are heading towards to post its first weekly fall in seven weeks.”

23 major stocks closed with losses today and the major hit was blended upon Axis Bank, SBI, Hindalco, BHEL and ICICI Bank.

Medaram Jathara

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