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Nifty breaches 8400, Sensex slips over 200pts; auto, IT dip

Aug 20, 2015, 02.09 PM | Source: Moneycontrol.com

Lupin, ITC, Sun Pharma, HUL and Dr Reddy’s Labs are still top gainers while Vedanta, Infosys, Tata Steel, BHEL and GAIL are among laggards in the Sensex.

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Nifty breaches 8400, Sensex slips over 200pts; auto, IT dip

Lupin, ITC, Sun Pharma, HUL and Dr Reddy’s Labs are still top gainers while Vedanta, Infosys, Tata Steel, BHEL and GAIL are among laggards in the Sensex.

13:00

TheNewsInternational Team

1:50 pm FII view:

The underlying in terms of the economy is pretty fine, though it is not going to be a hockey stick kind of an economic cycle as people were hoping for, says Aditya Narain, MD and India strategist at Citi. The quality of growth is good and hence there might be an extended economic cycle, he told CNBC-TV18.

This, according to him, even the markets will welcome. However, he adds that at the moment the market has very little appetite for big misses, disappointments and corporate governance issues. “While it is a good market, it is not good enough to overlook such issues,” he says. As far as highly leveraged companies (books) are concerned, Narain says in such cases there has got to be some underlying momentum backed by leverage.

1:30 pm Market slips:
The Sensex is down 246.30 points or 0.9 percent at 27685.34, and the Nifty is down 87.25 points or 1 percent at 8407.90.  The 50-share index had breached 8400 intraday. About 735 shares have advanced, 1915 shares declined, and 100 shares are unchanged. 

1:20 pm Market check: The Sensex is down 206 points or 0.7 percent at 27726, and the Nifty is down 79.95 points or 0.9 percent at 8415.20. About 765 shares have advanced, 1859 shares declined, and 107 shares are unchanged.  Infosys, Vedanta, Tata Steel and SBI are down 3-4 percent. 

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The market is losing further as metals, IT, banks, infra and auto stocks are under heavy selling pressure. The Sensex is down 165.65 points or 0.6 percent at 27765.99 and the Nifty is down 70.30 points or 0.8 percent at 8424.85. About 791 shares have advanced, 1795 shares declined, and 103 shares are unchanged.

Lupin, ITC, Sun Pharma, HUL and Dr Reddy’s Labs are still top gainers while Vedanta, Infosys, Tata Steel, BHEL and GAIL are among laggards in the Sensex.

Gold rose to its highest in nearly five weeks on Thursday after minutes from the Federal Reserve’s policy meeting last month signalled that a hike in US interest rates in September may be unlikely.

Fed officials worried that lagging US inflation and a weak global economy posed too big a risk to commit to a “lift off” on rates, buoying gold that had been out of favour amid an imminent tightening in US monetary policy.

The precious metal is on track for a second weekly gain after ending its longest retreat since 1999, having benefited last week from uncertainty posed by China’s surprise devaluation of its currency.

12:00

Nifty struggles below 8500; Tata Steel, GAIL, ONGC laggards

Lupin, ITC, Sun Pharma, HUL and Dr Reddy’s Labs are top gainers in the Sensex while Infosys, Vedanta, Tata Steel, GAIL and ONGC are among laggards.

Read More »

11:00

Sensex, Nifty choppy; ITC gains 3%, Infosys slips 3%Read More »

Lupin, Sun Pharma, ITC, HUL, Dr Reddy’s are top gainers in the Sensex. Among the losers are Vedanta, Infosys, Tata Steel, GAIL and ONGC.

Read More »

10:00

Sensex, Nifty under pressure; metals drag, pharma risesRead More »

Vedanta, Tata Steel, Hindalco, Infosys and ONGC are among laggards while Lupin, Sun Pharma, Dr Reddy’s Labs, Bharti Airtel and HUL are top gainers.

Read More »

09:15

Nifty above 8450, Sensex flat; Lupin, Sun Pharma gain 3-4%Read More »

Vedanta, Tata Steel, GAIL, ONGC and Hero Motocorp are major losers while Lupin, Sun Pharma, Bharti, Dr Reddy’s Labs and Cipla are top gainers in the Sensex.

Read More »

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