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Nifty cracks 8400, Sensex sheds 324 pts; FMCG outperforms

Aug 20, 2015, 04.53 PM | Source: Moneycontrol.com

Pharma and FMCG stocks outperformed with big gainers like Lupin, ITC, Dr Reddy’s Labs, Sun Pharma and HUL. Banks, metals, IT and auto stocks were hammered out of shape. Vedanta, Reliance, BHEL, Tata Steel and Axis Bank were major laggards in the Sensex.

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Nifty cracks 8400, Sensex sheds 324 pts; FMCG outperforms

Pharma and FMCG stocks outperformed with big gainers like Lupin, ITC, Dr Reddy’s Labs, Sun Pharma and HUL. Banks, metals, IT and auto stocks were hammered out of shape. Vedanta, Reliance, BHEL, Tata Steel and Axis Bank were major laggards in the Sensex.

16:32

TheNewsInternational Team

A sharp selloff in the second half of trading hit the market by its chin. The Sensex slipped 323.82 points or 1 percent at 27607.82 and the Nifty lost 122.40 points or 1 percent at 8372.75. About 787 shares have advanced, 2053 shares declined, and 105 shares are unchanged.

It was the banking stocks, coupled with Nifty heavyweights like Reliance and Infosys which took the markets lower.

Pharma and FMCG stocks outperformed with big gainers like Lupin, ITC, Dr Reddy’s Labs, Sun Pharma and HUL. Banks, metals, IT and auto stocks were hammered out of shape. Vedanta, Reliance, BHEL, Tata Steel and Axis Bank were major laggards in the Sensex.

Aditya Narain of Citi believes that the Indian economy is in a good shape. While he remains impressed with the overall performance of equity markets, risk appetite, he says, remains relatively low. “This earnings season and this month, as people re-fixed numbers, that should effectively be the last of the big downgrade cycle. Beyond that, I do believe that earnings are going to effectively pick up,” he said in an interview to CNBC-TV18.

The Indian rupee fell to as low as 65.50 to the dollar (new fresh two –year low), its lowest since September 2013, tracking losses in Asian currencies after a slump in Chinese equities reinforced concerns about the world’s second-largest economy.

Chinese markets continued to remain volatile. China’s central bank set the yuan’s trading midpoint sharply stronger, at 6.3915 per US dollar. The currency can trade within a 2 percent band above or below that.

The minutes from the US Federal Reserve’s July meeting were released last night. They underscored policy makers’ strong desire to move off the zero lower bound. Most officials said economic conditions necessary for an interest rate lift-off were approaching, but were not yet sufficient. The minutes leave open the door to a September rate lift-off.

Crude prices continue to tumble after yesterday’s selloff. Brent crude is down 1.5 percent to USD 46 a barrel.

Meanwhile, the Reserve Bank of India is in wait and watch mode as far as interest rates are concerned. Speaking at a conclave organised by the State Bank Of India, RbBI Governor Raghuram Rajan said that the central bank is keeping an eye on inflation and the monsoon.

14:00

Sensex skids 324pts, Nifty ends below 8400; Re at 2-yr low

Pharma and FMCG stocks outperformed with big gainers like Lupin, ITC, Dr Reddy’s Labs, Sun Pharma and HUL. Banks, metals, IT and auto stocks were hammered out of shape. Vedanta, Reliance, BHEL, Tata Steel and Axis Bank were major laggards in the Sensex.

Read More »

13:00

Nifty breaches 8400, Sensex slips over 200pts; auto, IT dipRead More »

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.

Read More »

12:00

Nifty struggles below 8500; Tata Steel, GAIL, ONGC laggardsRead More »

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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