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Sensex ends 71 pts down, Nifty below 8050; ITC falls 3%

14:00

The News International Team

03:30 pm Market closing

Even after trying hard to chase the bears away, the market ended on a lower note. The Sensex was down 71.31 points at 26710.13 while the Nifty slips 37.80 points at 8029.80. About 1038 shares have advanced, 1780 shares declined, and 97 shares are unchanged.

Hero Moto, ITC, Cipla, Bharti Airtel and Sun Pharma were major losers in the Sensex. Among the gainers were Sesa Sterlite, SBI, ONGC, Hindalco and Tata Steel. 

03:10 pm MSCI exclusion for Russia?

Index provider MSCI said it may exclude Russia from its emerging markets benchmark if authorities introduced capital or foreign exchange controls.

Around USD 1.4 trillion are benchmarked against MSCI’s Emerging Markets share index , which are used by many investment funds to determine their weightings.

“The introduction of restrictive measures, such as capital or foreign exchange controls, which may lead to a material deterioration of Russian equity market accessibility, may lead to the exclusion of the MSCI Russia Index from the MSCI Emerging Markets Index and a reclassification proposal of such market to Standalone Market status,” the index provider said in a statement.

02:40pm Cox & Kings in News

PGL, a subsidiary of Holidaybreak, the European Education and Leisure specialist group adds its second site, Camp Rumbug in Australia, as part of its plan to expand in Australia. Holidaybreak is a subsidiary of Prometheon Holdings (UK), which is a part of Cox & Kings.

PGL has been operating school camps, adventure centres and retreats in the UK and Europe since 1957. PGL operates 25 centres in the UK, Europe and Australia.

02:20pm Market Expert

Amisha Vora, Joint MD, Prabhudas Lilladher is advising to buy post further correction.

She expects more trading sessions filled with volatility but it is still a good time to buy, backed by improving macros, given the trader has the appetite to face more volatility.

“I don’t think it is all just over as of now but anything one gets 8,000 and below maybe till 7,850 or maybe a little lower are the timings to buy,” says Vora.

02:00pm Market Check

Equity benchmarks continued to consolidate after showing recovery from day’s low. The Sensex declined 6.73 points to 26774.71 and the Nifty fell 19.05 points to 8048.55. The rupee also recovered from its 13-month low of 63.85 a dollar, down 6 paise to 63.59 a dollar.

About 967 shares have advanced while 1680 shares declined on the Bombay Stock Exchange.

Sesa Sterlite topped the buying list on the Sensex, up 3.6 percent followed by State Bank of India with 3 percent gains. ICICI Bank, HDFC, Reliance Industries, ONGC, Axis Bank, Dr Reddy’s Labs, Tata Steel and Hindalco Industries climbed 1-2 percent.

However, cigarette major ITC and drug maker Cipla plunged 3 percent each. Tata Motors, Sun Pharma, Hero Motocorp, Maruti Suzuki, Bharti Airtel, Bajaj Auto and Tata Power were other prominent losers, down 1-2 percent.

In the midcap space, GE Shipping, BEML, Gateway Distriparks, Puravankara Projects and Godrej Industries gained 6 percent each while Tilak Finance, PMC Fincorp, Hindustan National Glass, BF Utilities and Bombay Rayon slipped 7-11 percent.

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