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Nifty ends below 8000, Sensex flat; SBI up, RIL ITC fall

Sep 21, 2015, 04.28 PM | Source: Moneycontrol.com

Financial stocks were in demand today. Bank Nifty ended with gains of 0.8 percent from previous close. Axis Bank and SBI were busiest in the counter. Maruti climbed 3 percent as Credit Suisse maintains outperform rating on the auto major stating that strong product cycle is driving its market share gains in a weak market.

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Nifty ends below 8000, Sensex flat; SBI up, RIL & ITC fall

Financial stocks were in demand today. Bank Nifty ended with gains of 0.8 percent from previous close. Axis Bank and SBI were busiest in the counter. Maruti climbed 3 percent as Credit Suisse maintains outperform rating on the auto major stating that strong product cycle is driving its market share gains in a weak market.

16:23

TheNewsInternational Team

The market sees a smart recovery from lows to end marginally lower led by banks. The Nifty could not manage to conquer 8000 and ended at 7977.10, down 4.80 points or 0.06 percent.  The Sensex slipped 25.93 points or 0.1 percent at 26192.98.

Most analysts believe that India cannot be completely isolated from the global market movements, but what’s also important for the domestic investors and the government is to continue to believe in the Indian growth story.

Emerging markets as an asset class have witnessed immense headwinds and if outflows from these markets worsen, India will not be able to stay immune, says Akash Prakash of Amansa Capital. “If EMs continue getting outflows which has been happening for the last two months it is very difficult now for fund managers to not sell,” he told CNBC-TV18.

The Finance Minister has wrapped up his four-day road show to Singapore and Hong Kong where he was making a pitch to investors to put their money in India. Jaitley admitted that resolving legacy tax issues with the likes of Vodafone, Shell and others are his biggest challenges. The FM promised speedier resolutions saying it’s in India’s interest to end these disputes.

Meanwhile, Asian stocks skid on growth fears but China bucked the trend. Shanghai closed with almost 2 percent gains.  The Japanese Nikkei was closed today on account of a public holiday.

Buzzing stocks

Financial stocks were in demand today. Bank Nifty ended with gains of 0.8 percent from previous close. Axis Bank and SBI were busiest in the counter. Maruti climbed 3 percent as Credit Suisse maintains outperform rating on the auto major stating that strong product cycle is driving its market share gains in a weak market.

Other gainers in the Sensex were Hindalco and Tata Motors. Shares of IDBI rallied after the Jaitley promises more autonomy.

FMCG stocks were laggards in trade. Both HUL and ITC were down around 1 percent each. Reliance, M&M and Bharti Airtel were other major losers in the Sensex.

Motherson Sumi tanked over 7 percent as investors grow worried about its domestic business. Raising concerns, Credit Suisse says that channel checks indicate slowdown in Mothersons domestic business.

The midcaps managed to outperform  blue chips gaining over half a percent.

14:18

Sensex ends flat, Nifty at 7977; banks climb, FMCG weak

Reliance, M&M, Dr Reddy’s Labs, ITC and Bharti Airtel were major losers while Hindalco, Maruti, Axis Bank and SBI were top gainers in the Sensex.

Read More »

13:00

Sensex, Nifty sluggish; Reliance, HDFC, HUL major laggardsRead More »

Hindalco, Tata Motors, Axis Bank, Maruti and GAIL are top gainers while Cipla, Reliance, Dr Reddy’s Labs, HDFC and HUL are major losers.

Read More »

12:00

Sensex, Nifty, rupee weak; Midcap, Smallcap outperformRead More »

However, the broader markets rebounded. In second line shares, investors showed better appetite for small caps than mid caps, with the BSE Small Cap Index up 0.7 percent compared to a 0.1 percent increase in the BSE Midcap Index.

Read More »

11:00

Sensex, Nifty recover a bit; FMCG drags, infra stocks gainRead More »

Tata Motors, Maruti, Axis Bank, L&T and SBI are top gainers while HDFC, Tata Steel, M&M, NTPC and Hindalco are among losers in the Sensex. FMCG index is down 0.6 percent from previous close.

Read More »

10:00

Sensex, Nifty under pressure on weak global cues; Maruti upRead More »

Maruti Suzuki rose 0.7 percent after Credit Suisse added stock to the Asia ex-Japan and Global Focus list. Maruti has gained around 800 basis points market share in the last three years as it is amidst a strong product cycle with six all new launches in a period of eighteen months, said the brokerage.

Read More »

09:15

Sensex slumps over 200 pts, Nifty holds 7900; SBI falls 2%Read More »

Sun Pharma and GAIL are two gainers in the Sensex. Among the losers are ICICI Bank, M&M, Axis Bank, Vedanta and Hindalco are losers in the Sensex.

Read More »

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