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Sell-off continues: Sensex drags; auto, pharma fall sharply

The rupee fell a 13-month low against the dollar while benchmark bond yields hit their highest level in two weeks as the brewing financial crisis in Russia continued to raise concerns about foreign fund outflows.

11:00

The News International Team

Profit booking continues on Dalal Street as the Sensex is down 95.62 points at 26685.82.  The Nifty slips 38.80 points at 8028.80. About 451 shares have advanced, 1843 shares declined, and 64 shares are unchanged. 

Tata Steel is still up 3 percent followed by Sesa Sterlite, Hindalco, Axis Bank and Reliance. Top losers in the Sensex include Bharti Airtel, Hero, Tata Power, Cipla and Maruti. Auto, pharma and realty stocks are under heavy selling pressure.

The rupee fell a 13-month low against the dollar while benchmark bond yields hit their highest level in two weeks as the brewing financial crisis in Russia continued to raise concerns about foreign fund outflows.

The rupee falls were seen as having sparked intervention from the central bank, traders said.
Overseas investors sold shares worth Rs 1247 crore on Tuesday, their biggest daily net sales since Oct. 17, according to data from exchange NSE. Meanwhile, they turned net sellers of debt for the first time in December on Monday, according to the latest available data.

The benchmark 10-year bond yield was at 8.00 percent, after hitting as much as 8.01 percent, its highest level since December 2. The yield is up 17 basis points for the week.
 

10:00

Sensex halves losses, Nifty back above 8000; Reliance leads

The broader markets saw major selling pressure with the BSE Midcap and Smallcap indices declining 2 percent each. Nearly four shares declined for every share advancing on the Bombay Stock Exchange.

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09:15

Nifty sinks below 8000, Sensex falls over 150 ptsRead More »

&M, Dr Reddy’s Labs, Bharti Airtel, Cipla and Hindalco are among the laggards. The gainers include Tata Steel, NTPC, Tata Motors, Reliance and BHEL.

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