The BSE Sensex continued its losing streak for the sixth straight session on
Tuesday, falling further by 41.84 points, on sustained selling by funds and
retail investors coupled with weakening global markets. NSE Nifty fell for the
seventh consecutive session today as the selling pressure continued but it
defended 8000-mark. Healthcare, technology, capital goods and select oil stocks
dragged while banks and metals stocks supported. The index declined 21.75
points to 8022.40, the lowest closing level since October 27, 2014. The
30-share BSE Sensex slipped 41.84 points to 26481.25. Even as the market
continued to reel under pressure, there's no dearth of optimism.
About 1058 shares advanced against 1580 shares declined on the Bombay Stock Exchange. Global cues were weak today. In Asia, Nikkei, Hang Seng and Shanghai lost 0.4-1.8 percent. European markets, too, were trading in the red.
Brokers said sustained selling by participants on prevailing drought fears and a weak trend in global markets amid concerns of an early interest rate hike by the US Fed after Friday's strong jobs report mainly dampened mood.
Banks stocks gained after the RBI issued new strategic debt restructuring norms. ICICI Bank, Axis Bank and SBI gained 0.9-1.4 percent. Housing finance company HDFC also rose 0.9 percent. Commercial vehicle maker Tata Motors gained 1 percent. Diesel & Motor Engineering Plc (DIMO) together with Tata Motors today launched its two new cars, Zest and Bolt, for the Sri Lankan market.
However, Cipla topped the selling list on Sensex, down 3 percent. Brokerage Bank of America Merrill Lynch feels the launch of asthma drug by Mylan in the UK is negative for Cipla because earlier the drug maker was expected to be the first company to launch this drug.Cairn India shares slid 4.46 per cent and Vedanta scrip gained around 3 per cent after the news that the oil and gas major is set to be merged with the metals giant. On the other hand, realty major Unitech declined 7.70 per cent after the national consumer court NCDRC ordered it to pay compensation for delayed delivery of flats to buyers.
Nestle India gained 7.5 percent after its Maggi noodles manufactured in India met Singapore's food safety standards. Shares of ITC, Sun Pharma, Dr Reddy’s Labs, ONGC and Wipro were other prominent losers, down 1-2 percent.
About 1058 shares advanced against 1580 shares declined on the Bombay Stock Exchange. Global cues were weak today. In Asia, Nikkei, Hang Seng and Shanghai lost 0.4-1.8 percent. European markets, too, were trading in the red.
Brokers said sustained selling by participants on prevailing drought fears and a weak trend in global markets amid concerns of an early interest rate hike by the US Fed after Friday's strong jobs report mainly dampened mood.
Banks stocks gained after the RBI issued new strategic debt restructuring norms. ICICI Bank, Axis Bank and SBI gained 0.9-1.4 percent. Housing finance company HDFC also rose 0.9 percent. Commercial vehicle maker Tata Motors gained 1 percent. Diesel & Motor Engineering Plc (DIMO) together with Tata Motors today launched its two new cars, Zest and Bolt, for the Sri Lankan market.
However, Cipla topped the selling list on Sensex, down 3 percent. Brokerage Bank of America Merrill Lynch feels the launch of asthma drug by Mylan in the UK is negative for Cipla because earlier the drug maker was expected to be the first company to launch this drug.Cairn India shares slid 4.46 per cent and Vedanta scrip gained around 3 per cent after the news that the oil and gas major is set to be merged with the metals giant. On the other hand, realty major Unitech declined 7.70 per cent after the national consumer court NCDRC ordered it to pay compensation for delayed delivery of flats to buyers.
Nestle India gained 7.5 percent after its Maggi noodles manufactured in India met Singapore's food safety standards. Shares of ITC, Sun Pharma, Dr Reddy’s Labs, ONGC and Wipro were other prominent losers, down 1-2 percent.
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ReplyDeleteThe 30-share BSE Sensex tanked 469.52 points or 1.75 percent to 26370.98, the lowest closing level since October 2014. The 50-share NSE fell 159.10 points or 1.96 percent to end at 7965.35 after hitting an intraday low of 7958.25.
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