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Sensex, Nifty weak; ONGC, HDFC, ITC extend losses

14:00

The News International Team

02:25pm Market Expert

With the India story changing, Devesh Kumar, managing director, country head, CIMB Securities India sees Nifty in five digits – 10,000 plus – from a 12-months perspective.

He says near-term earnings will not give any positive surprise, but it should be looked at from a 1-2 years perspective. “India remains a long-term story for investors,” he told CNBC-TV18. He sees a multi-sectoral rally ahead.

02:00pm Equity benchmarks extended losses in afternoon trade with the Sensex falling 108.63 points to 26312.04 and the Nifty declining 27.25 points to 7870.25 weighed down by profit booking in banking & financials, FMCG, auto and oil & gas stocks.

About 1538 shares have advanced, 1268 shares declined, and 108 shares are unchanged.

Rakesh Arora of Macquarie says the market remains tentative on global events and would likely continue to focus on geopolitics. The brokerage house remains positive on the market and recommends buying large cap quality stocks on any weakness.

ONGC topped the selling list, down 2.6 percent followed by HDFC with 1.8 percent. ITC, Tata Motors, Reliance Industries, Larsen and Toubro, State Bank of India, Mahindra and Mahindra, HUL and Axis Bank declined 0.6-1 percent.

However, healthcare stocks saw hefty buying interest with the Sun Pharma, Cipla and Dr Reddy’s Labs rising 3-4 percent. Midcap pharma companies gained 4-15 percent.

Among others, Wipro rose 1.3 percent while Tata Power and NTPC climbed 1.7 percent and 0.9 percent, respectively.

Global markets were mixed with the European markets like France, Germany and UK falling less than 0.5 percent while Asian markets like Taiwan and Straits closed with minor gains. The pound has risen to 1.66 against US dollar after Bank of England minutes showed that two members of the rate setting committee voted to raise interest rates in August as pressure on central bank builds to raise rates.

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