Home / Business / Money / Sensex tanks 231 pts, Nifty ends in red; BHEL, ITC gainers

Sensex tanks 231 pts, Nifty ends in red; BHEL, ITC gainers


The News International Team

03:30 pm Market close

The market snapped 7th day winning streak today by closing with major loss. The Sensex ended down 230.86 points or 0.8 percent at 29231.41 and the Nifty slipped 61.70 points or 0.7 percent  at 8833.60.

About 1490 shares have advanced, 1436 shares declined, and 204 shares are unchanged.

BHEL was up 5 percent while ITC, Hindalco, M&M and Dr Reddy’s Labs were big gainers in the Sensex. Reliance lost 3 percent. ICICI Bank, Tata Power, Infosys and Bharti Airtel were major laggards in the Sensex.

03:00pm Market Update

The Sensex fell 173.66 points to 29288.61 and the Nifty dropped 45.60 points to 8849.70.
About 1491 shares have advanced, 1375 shares declined, and 194 shares are unchanged.

02:45pm Interview

Bangalore-based Prestige Estates Projects yesterday pre-launched two projects in Hyderabad, Prestige Highfields and Prestige Ivy League, that would cumulatively add about Rs 2,700 crore to the company’s top line over the next few years, CMD Irfan Razack told CNBC-TV18 in an interview.

The two projects together have developable area of 4.7 million square feet and may see average realizations of Rs 5,500 psf (Highfields) and Rs 7,000 psf (Ivy League), he added.

02:30pm Market Expert

Kamlesh Rao, CEO of Kotak Securities believes the government will work towards reducing the fiscal deficit, which is a key factor for any government.

“With the need to increase consumption demand, there will be a relook at the personal and corporate taxation rates. A focus on kicking the capex cycle which is the big stimulus required for sustained economic growth. Inverted tax laws will hopefully find correction to realize the “Make in India” plan of the government,” he says.

“At 8900-9000 certainly one cannot act on short term view as the markets are going to remain volatile on the back of internal or external news flow but in the next 12 to 18 months of time we are expecting steady and positive indications. Down side is limited to 8000 as per Nifty and 27000 as per Sensex.  On the higher side, we are expecting 25 percent to 30 percent returns in next 12 to 18 months of time,” Rao adds.

02:00pm Market Check

The market continued to see selling pressure in afternoon trade, dragged by index heavyweights like Reliance Industries, ICICI Bank, HDFC, Infosys and L&T.

The Sensex declined 101.13 points to 29361.14 and the Nifty slipped 25.55 points to 8869.75. However, the broader markets saw buying interest as the BSE Midcap and Smallcap indices gained 0.3 percent and 0.6 percent, respectively.

About 1455 shares have advanced, 1299 shares declined, and 202 shares are unchanged on the Bombay Stock Exchange.

Nirmal Jain, chairman, IIFL said it is unlikely to see a big rally or crash in market till Budget. He believes the government is moving in the right direction and all circumstances are conducive for a ‘historic’ Budget.

Jain also said that Budget is not the only criterion to judge the big-ticket reforms taken by the government as it is taking lot of efforts to push through the goods and services tax (GST) which is set to get implemented from 2016 onwards. 

Reliance Industries topped the selling list, falling nearly 3 percent followed by ICICI Bank, HDFC, Infosys, Bharti Airtel, Tata Power and Wipro with 1-1.7 percent loss. L&T, Maruti and HUL declined over half a percent.

JSPL continued to be in focus after it failed to qualify to bid for the Gare Palma IV/1 coal block. The management, however, told CNBC-TV18 that their strategy for the auction is non-aggressive and they didn’t want to exceed their quoted price for the coal block.

However, BHEL was the biggest gainer on Sensex, up 4 percent. ITC, Tata Motors, TCS, State Bank of India, M&M, Dr Reddy’s Labs, Tata Steel and Hindalco Industries climbed 0.7-1 percent.

In global data, markets in Europe opened lower by 0.5 percent amidst continued uncertainty over Greece. On data front, German producer prices showed further fall in January, leading to increased fears that region is falling into a deflationary spiral.


Check Also

Rupee recovers 6 paise to 67.01

The rupee today recovered some lost ground by rising 6 paise to ...

Notes ban to have positive impact on economy

NEW DELHI: The government’s demonetisation move has led to widespread adoption of ...