Home / Business / Money / Nifty struggles below 8300; Sesa Sterlite drags 3%

Nifty struggles below 8300; Sesa Sterlite drags 3%

Infra, metals and IT stocks are dragging the indices with losers like Sesa Sterlite, Tata Power, Tata Steel, Hindalco and Coal India. The gainers are Bharti Airtel, Bajaj Auto, NTPC, M&M and Hero Moto.

13:40

The News International Team

The market is showing signs of cracks ahead of December F&O series expiry. The Sensex is down 131.38 points at 27570.41. The Nifty slips 40.95 points at 8283.05. About 915 shares have advanced, 1767 shares declined, and 120 shares are unchanged.

Infra, metals and IT stocks are dragging the indices with losers like Sesa Sterlite, Tata Power, Tata Steel, Hindalco and Coal India. The gainers are Bharti Airtel, Bajaj Auto, NTPC, M&M and Hero Moto.

Plunging oil prices will prompt global energy companies to cut investments in new projects by 25 percent or more in 2015, analysts said over the past week, as firms try to stay cash-flow positive and keep debt in check. With oil prices down more than 40 percent since June, some companies, including ConocoPhillips, have slashed spending by 20 percent. But because crude prices have yet to stabilize, other companies are waiting to draw up budgets.

Brokers said emergence of profit-booking by funds in stocks that had recently logged gains amidst absence of any fresh trigger and a weak trend at other Asian markets led to the fall in markets.  Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 335.24 crore yesterday, as per provisional data from stock exchanges.

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Sensex falls 200 pts, Nifty below 8300; metals melt

ICICI Bank, Reliance Industries, Infosys, Tata Motors and ONGC were down 1-1.5 percent. Tata Steel, Sesa Sterlite, Tata Power, Coal India and Hindalco Industries topped the selling list, down 2-3 percent.

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Nifty holds above 8350; HDFC, SBI lead on RBI normsRead More »

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09:21

Sensex up over 100 pts; poll results in J&K, J’khand eyedRead More »

M&M, NTPC, Tata Motors, Bharti Airtel and Coal India are top gainers in the Sensex. Among the losers are Dr Reddy’s Labs, HDFC Bank, Sun Pharma, Sesa Sterlite and Hindalco.

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