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Sensex down 318 pts; Nifty ends below 7800, FO expiry eyed

Aug 26, 2015, 05.20 PM | Source: Moneycontrol.com

Housing finance company HDFC topped the selling list on Sensex, down 3.8 percent followed by Infosys, ICICI Bank, Larsen & Toubro, State Bank of India, Sun Pharma, ITC, M&M, ONGC, Hero Motocorp and Bharti Airtel with 1-3.5 percent losses.

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Sensex down 318 pts; Nifty ends below 7800, F&O expiry eyed

Housing finance company HDFC topped the selling list on Sensex, down 3.8 percent followed by Infosys, ICICI Bank, Larsen & Toubro, State Bank of India, Sun Pharma, ITC, M&M, ONGC, Hero Motocorp and Bharti Airtel with 1-3.5 percent losses.

16:31

TheNewsInternational Team

Equity benchmarks completely wiped out previous day’s gains on Wednesday, tracking sell-off in global stock markets despite China rate cut and ahead of expiry of August derivative contracts. The rupee was rangebound against US dollar.

Benchmark indices failed to hold psychological levels due to selling pressure in banking & financials and healthcare stocks. The 30-share BSE Sensex cracked 317.72 points or 1.22 percent to 25714.66 and the 50-share NSE Nifty ended below the 7800-mark, down 88.85 points or 1.13 percent to 7791.85. The BSE Midcap also lost ground, down 0.8 percent.

Experts expect the volatility to continue for some more time due to China’s worries. According to them, expiry could be around 7800-7900 levels.

Raamdeo Agarwal of Motilal Oswal feels the market may not move much this year due to pressure on commodity stocks. However, this is a good time to buy into quality stocks, he said.

Globally, Asian markets closed mixed despite the liquidity easing measures by China. Shanghai Composite index ended lower by 1.3 percent after a choppy session and Hang Seng lost 1.5 percent while Nikkei rallied 3.2 percent. European markets were down 1 percent each (at 16 hours IST).

Commodities were rangebound as the dollar gained marginally after China’s easing measures. NYMEX crude was up 0.1 percent at USD 39.35 a barrel and and Brent crude rose 0.3 percent to USD 43.34 a barrel while gold fell 0.6 percent to USD 1,131 an ounce.

Back home, the rupee closed at 66.14 a dollar, down 4 paise after seeing a tight range of 66.08-66.30 intraday.

Housing finance company HDFC topped the selling list on Sensex, down 3.8 percent followed by Infosys, ICICI Bank, Larsen & Toubro, State Bank of India, Sun Pharma, ITC, M&M, ONGC and Hero Motocorp with 1-3.5 percent losses.

Bharti Airtel lost 2.6 percent. After market hours, the company announced that it will buy 100 percent stake in Augere Wireless Broadband that holds 20 MHz of BWA spectrum in Madhya Pradesh and Chhattisgarh circles.

State-run power equipment maker BHEL rebounded 3.5 percent in late trade. Goldman Sachs downgraded the stock to sell from neutral earlier with a target of Rs 207 per share as it believes that the new ordering momentum is unsustainable.

Wipro, Bajaj Auto and Coal India were other gainers in trade, up over a percent.

In the broader space, Power Mech Projects has a subdued debut, down 8.3 percent to close at Rs 586.55 against issue price of Rs 640 apiece. Arvind Infrastructure, the demerged arm of Arvind, fell 76 percent to Rs 53.25 on the first day.

14:00

Sensex falls 318pts, Nifty ends at 7792 on weak global cues

Hero Motocorp, HDFC, M&M, SBI, Bharti Airtel, Ambuja Cements, Tech Mahindra and Bank of Baroda were the biggest losers, down 3-4.5 percent. However, BHEL, Bajaj Auto, Coal India, Wipro, Cairn India, Tata Power and Tata Motors gained 1-4 percent.

Read More »

13:00

Choppy Sensex, Nifty under pressure; Europe extends lossesRead More »

France’s CAC, Germany’s DAX and Britain’s FTSE extended losses, losing 2-2.7 percent. China’s Shanghai lost 1.3 percent, closing lower for the fifth consecutive session and at 8-month low.

Read More »

12:00

Nifty volatile ahead of August F&O expiry; banks, BHEL dragRead More »

State Bank of India, ICICI Bank, HDFC, Axis Bank, Bharti Airtel, Dr Reddy’s Labs, Cipla, Vedanta and Tata Steel dropped 1-3 percent. BHEL slipped 2.5 percent after Goldman Sachs downgraded stock to sell from neutral earlier with a target of Rs 207 per share as it believes that the new ordering momentum is unsustainable.

Read More »

11:00

Sensex recovers 400 pts from day’s low, Nifty above 7900Read More »

Asian markets mood was lifted by the liquidity easing measures by China despite negative handover from US. Nikkei and Shanghai gained nearly 3 percent.

Read More »

10:00

Sensex, Nifty rebound; Midcap, Smallcap outperformRead More »

Lupin extended gains to 3 percent on getting approval from US Food and Drug Administration for anti-inflammatory drug Diclofenac Sodium. Reliance Industries, TCS, ONGC, Wipro, NTPC and Bajaj Auto rose 1-2 percent.

Read More »

09:15

Sensex sinks 300 pts, Nifty below 7850 on China volatilityRead More »

Vedanta, BHEL, Tata Motors, Hero Motocorp, Infosys and HCL Tech fell 2.5-3.6 percent. However, Wipro, Tata Power and Asian Paints gained more than half a percent.

Read More »

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