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Sensex, Nifty consolidate despite China scare; metals shine

Oct 21, 2015, 04.18 PM | Source: Moneycontrol.com

Biggest laggards of the day were bank, capital goods and pharma stocks. Bank Nifty fell 0.7 percent, Capital Goods dragged 1 percent while Healthcare index dropped 0.8 percent from previous close. Dr Reddy’s, SBI, Sun Pharma, ICICI Bank and GAIL were top losers in the Sensex.

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Sensex, Nifty consolidate despite China scare; metals shine

Biggest laggards of the day were bank, capital goods and pharma stocks. Bank Nifty fell 0.7 percent, Capital Goods dragged 1 percent while Healthcare index dropped 0.8 percent from previous close. Dr Reddy’s, SBI, Sun Pharma, ICICI Bank and GAIL were top losers in the Sensex.

16:14

TheNewsInternational Team

Consolidation continued on Dalal Street as the market survived the China scare. Shares in Shanghai posted their biggest fall in 5 weeks tanking over 3 percent, which spooked the Nifty tumbling mid-day but managed to recover and defend the 8250 mark. The 50-share index fell 9.95 points at 8251.70. The Sensex ended down 19.17 points at 27287.66. About 1327 shares advanced, 1382 shares declined and 155 shares were unchanged.

Vibhav Kapoor of IL&FS is of the view that Indian equity market is likely to remain in a range of 8000-8400 unless we get some good news to propel the market on the upside. The 9-10 percent rally seen in our market was due to a risk-on trade in emerging markets led by the status-quo decision of the US Federal Reserve, says Vibhav Kapoor of ILandFS in an interview to CNBC-TV18.

Meanwhile, China posted its worst one-day performance in five weeks after being hit by a sudden bout of selling in small-caps in the afternoon session. On the other hand, the Nikkei index at the Tokyo Stock Exchange jumped nearly 2 percent to six-week highs, as weaker-than-expected trade data stoked expectations for further stimulus from the Bank of Japan (BOJ).

Buzzing stocks

Biggest laggards of the day were bank, capital goods and pharma stocks. Bank Nifty fell 0.7 percent, Capital Goods dragged 1 percent while Healthcare index dropped 0.8 percent from previous close. Dr Reddy’s, SBI, Sun Pharma, ICICI Bank and GAIL were top losers in the Sensex.

However, metals shone for another day with the index up 1 percent. Lead gainer was Vedanta (up 4 percent) even though Standard & Poor’s lowered its foreign currency long-term corporate credit rating on London-listed mining conglomerate Vedanta Resources. The rating agency cut it to ‘B+’ from ‘BB-‘ with a negative outlook, citing weak financial performance expected in the next 12-18 months.

Buoyed by better-than-expected result, Bajaj Auto ended with 3 percent gains. Buoyed by better-than-expected Q2 result, Bajaj Auto ended with 3 percent gains. Profit during the quarter shot up 57.9 percent to Rs 933 crore compared to year-ago period, driven by strong operational performance, other income and low base in Q2FY15 despite higher tax cost.

Other gainers in the Sensex were Bharti Airtel, Tata Steel and NTPC.

Both midcap and small indices were down. Among the midcaps, Federal Bank was knocked off 12 percent after it posted dismal September quarter results.

14:00

Nifty ends at 8252, Sensex down; Vedanta up 4%, SBI dips 2%

Vedanta was up 4 percent while Bajaj Auto, Bharti Airtel, Tata Steel and NTPC were top gainers. Among losers are Dr Reddy’s Labs, SBI, Sun Pharma, ICICI Bank and GAIL.

Read More »

13:00

Sensex, Nifty recover a bit; Bajaj Auto up 3%, banks crackRead More »

China posted its worst one-day performance in five weeks after being hit by a sudden bout of selling in small-caps in the afternoon session.

Read More »

12:00

Sensex, Nifty erase gains on sharp fall in ShanghaiRead More »

China’s Shanghai Composite plunged 4.5 percent in choppy trade while Nikkei rose 1.9 percent.

Read More »

11:00

Sensex, Nifty steady; Sun Pharma, L&T, Maruti laggardsRead More »

Bharti Airtel, Vedanta, Hindalco, Reliance and ONGC are top gainers while Dr Reddy’s Labs, Sun Pharma, L&T, Maruti and GAIL.

Read More »

10:00

Sensex rises 100 pts, Nifty eyes 8300; DRL down, Mphasis upRead More »

Dr Reddy’s Labs topped selling list on Sensex, down 2 percent followed by Sun Pharma, Lupin, HDFC, L&T, Maruti and BHEL with marginal losses.

Read More »

09:15

Sensex rises, Nifty firm; Hero, Reliance, Bharti gainersRead More »

Bharti Airtel, Reliance, Axis Bank, Hero MotoCorp and Vedanta are top gainers while Dr Reddy’s Labs, Sun Pharma, GAIL, HDFC and M&M are among losers in the Sensex.

Read More »

READ MORE ON  BSE, sensex, NSE, Nifty, market, China, Tata Motors, Tata Steel, Maruti, SBI, Vedanta, ICICI
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