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Sensex, Nifty remain under pressure; Tata Motors drags 2%

SBI, Coal India and Tata Steel are top gainers in the Sensex while Cipla, Vedanta, Hindalco, ONGC and Tata Motors are among losers.

11:00

TheNewsInternational Team

It is a volatile start to this week with the Nifty slipping below 8500. The 50-share index is down 69.65 points or 0.8 percent at 8448.90. The Sensex is down 280.73 points or 1 percent at 27786.58. About 683 shares have advanced, 1072 shares declined, and 95 shares are unchanged.

SBI, Coal India and Tata Steel are top gainers in the Sensex while Cipla, Vedanta, Hindalco, ONGC and Tata Motors are among losers.

Oil prices resumed their decline in Asia as a global glut of crude supplies showed no signs of abating in the face of sluggish demand, analysts said. Oil came under renewed pressure in Asia after the latest data showing the number of rigs drilling for US oil increased last week, the sixth rise in seven weeks, analysts said.

The news added to fears of a prolonged global surplus as output from the Organization of the Petroleum Exporting Countries and the US remains robust despite the tumbling prices.

10:00

Nifty struggles below 8500; Midcap, Smallcap outperform

Cipla topped the selling list, falling 4 percent on fears that Esomeprazole sales may slow down from Q2FY16 onwards. However, its Q1 numbers were strong, led by Esomeprazole sales.

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09:15

Sensex tanks 300 pts, Nifty below 8450; Cipla falls 4%Read More »

Cipla loses 4 percent while Vedanta and Hindalco are down 3 percent. Tata Motors and ONGC are among major losers in the Sensex.

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