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


TheNewsInternational Team

03:30 pm Market close:

The market plunged sharply in the last final hours of trade. 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. Rupee was at fresh two-year low, at 65.48 per dollar now. Brent Crude too was struggling.

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.

2:55 pm Gold check:

Extending its rally for the eleventh day, gold surged by Rs 365 to over six-week high of Rs 26,700 today amid a firming trend in global markets and buying by jewellers to meet the wedding season demand.

Silver also recorded a handsome gain of Rs 1,000 at Rs 36,300 per kg on increased offtake by industrial units and coin makers.

Bullion traders said apart from a firming trend overseas where gold jumped to over one month highs as prospects dimmed for a US interest rate increase in September, boosting the metal’s allure, increased buying by jewellers to meet ongoing wedding season demand, mainly kept prices of the precious metals higher.

2:44 pm Market check:
The Sensex is down 300.28 points or 1 percent at 27631.36 and the Nifty slips 113.00 points or 1.3 percent at 8382.15. About 684 shares have advanced, 2083 shares declined, and 98 shares are unchanged.

Infosys, Vedanta, Axis Bank, Tata Steel and Reliance are major losers in the Sensex. Among the gainers are Lupin, ITC, Sun Pharma, Dr Reddy’s Labs and NTPC.

2:30 pm World news: Greece made a 3.2 billion euro (USD 3.56 billion) payment to the European Central Bank on a maturing government bond on Thursday, tapping cash from its first disbursement of bailout money, a senior government official said.

“The payment was made, the funds are on their way,” the official told Reuters, declining to be named.

Greece received the first tranche of funds from its new bailout loan on Thursday after the European Stability Mechanism approved a rescue of up to 86 billion euros on Wednesday.

The first tranche amounts to 13 billion euros, of which about 12 billion euros will be used to pay down debt, including an earlier bridge loan and the maturing Greek government bond held by the ECB.

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The market is succumbing to pressure in the last few hours of trade.  The Sensex is down 204.21 points or 0.7 percent at 27727.43 and the Nifty is down 82.95 points or 0.9 percent at 8412.20. About 744 shares have advanced, 1954 shares declined, and 100 shares are unchanged.

Lupin, ITC, Sun Pharma, Dr Reddy’s Labs and HUL are top gainers. Vedanta, Infosys, Tata Steel, BHEL and Tata Motors are major losers. Lupin, Axis Bank and Sun Pharma are the most active stocks.

Raghuram Rajan, Governor, Reserve Bank of India said the Indian economy is shown signs of improvemen, adding that a pick up in rural demand would further improve economic growth.

“You may see rural demand coming back more strongly, and that would be a very tremedous bonus to the economy compared to we are,” Rajan said at an industry event.

Rajan said separately that the devaluation of the Chinese yuan was not something to be “concerned” about at current levels. He added, however, that global central banks depreciating currencies as a policy action was a worrisome trend.

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