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Sensex Ends 321 Points Lower on Weak Global Cues

Sensex Ends 321 Points Lower on Weak Global Cues

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The Sensex and Nifty fell for the second straight day on Wednesday tracking broad-based selling amid weak global cues.

The Sensex ended 321 points lower at 23,089 and Nifty declined 91 points to shut shop at 7,019.

For the most part of the day, Sensex and Nifty reeled under selling pressure but in the late noon deals the selling intensified as the European markets opened on a weak note.

Selling was visible across the sectors. Metal stocks were the worst hit in trades today; the BSE metal index closed 2.62 per cent lower. Banking, pharma, FMCG, capital goods and auto indices also ended lower by over a per cent.

From the Nifty-50 basket of stocks, 38 stocks declined while only 12 closed higher.

BHEL was the top Nifty loser, the stock fell 5 per cent to Rs 93.45. NTPC declined 4.16 per cent to close below its OFS issue price.

Tata Motors, Hindalco, Vedanta, Cairn India, HDFC, ICICI Bank, Bajaj Auto and ONGC also closed lower by 2.5-3.85 per cent each.

The broader markets also closed lower. The BSE mid-cap index declined 0.8 per cent and the small-cap index closed 1.15 per cent lower.

The overall breadth was negative as 1,741 stocks declined while 811 stocks advanced.

2:55 p.m.: The stock markets extended losses in the last hour of trade. The Sensex fell as much as 302 points and the Nifty hit low of 7,024.

2:45 p.m.: The market breadth was bearish as 1,661 stocks were declining while 788 were advancing.

1:50 p.m.: Selling pressure intensified in afternoon trades as the European markets opened on a weak note. The Sensex was down 210 points at 23,200 and Nifty fell 57 points to 7,052.

1:28 p.m.: From the Nifty-50 basket of stocks, 15 stocks were advancing while remaining were declining. BPCL was the top gainer, up 3.6 per cent to Rs 762. Yes Bank, Power Grid, Bank of Baroda, Infosys and Axis Bank were among the gainers.

1:14 p.m.: The Bank Nifty which fell over 1.5 per cent earlier in the day was down 0.48 per cent. Buying was seen in Bank of India, Canara Bank, Bank of Baroda, Yes Bank, Axis Bank and Punjab National Bank.

1:02 p.m.: Buying was seen in select oil & gas, power, realty and technology stocks. The BSE oil & gas index was up 0.42 per cent; Bharat Petroleum, Indian Oil, HPCL, Reliance Industries and Castrol India were among the gainers.

12:49 p.m.: The Sensex came off the intraday low levels in the noon deals, down 170 points at 23,240 and Nifty was down 48 points at 7,061.

12:34 p.m.: Nifty 7,000 strike price put option was the most active options contact on the NSE. The premium on the contract jumped 73 per cent to Rs 17.20.

12:25 p.m.: Punj Lloyd shares advanced nearly 5 per cent to Rs 23.20 after the company reported that it won Rs 308 crore infrastructure order.

12:11 p.m.: Select real estate shares were witnessing buying interest. NBCC, HDIL, DLF, Unitech, D B Realty and Indiabulls Real Estate were among the gainers.

11:55 a.m.: The market breadth continues to remain bearish as 1,509 stocks were falling while 634 were advancing.

11:40 a.m.: From the Nifty-50 basket of stocks, 39 were declining while11 were advancing. NTPC was the top loser, down 3.35 per cent to Rs 119.65. Tata Motors, Cairn India, ONGC, BHEL, Vedanta, Sun Pharma, Adani Ports and Cipla were also among the losers.

11:36 a.m.: Retail portion of NTPC share sale subscribed 3 per cent till 11:25 a.m.

11:22 a.m.: Pharma stocks were also facing the heat of selling pressure. The Nifty Pharma index was down 2 per cent; Divis Labs, Aurobindo Pharma, Sun Pharma, Lupin, Cadila Healthcare and Cipla were also among the losers, down 1.7-5 per cent each.

11:15 a.m.: Despite correction Indian markets are not cheap, currently Indian markets are trading at price-to-earnings ratio of 17 times: Ritu Arora, CIO, Canara HSBC OBC Life Insurance.

11:08 a.m.: From three year time horizon it is good time to start investing in fundamentally strong companies which have strong brand value and earnings visibility, says Ritu Arora, CIO with Canara HSBC OBC Life Insurance.

11:00 a.m.: The stock markets extended losses in the late morning trades on the back of broad-based selling. The Sensex fell 215 points to 23,195 and Nifty declined 60 points and below its crucial psychological level of 7,050.

10:51 a.m.: CLSA has maintained its buy call on Bharti Airtel for target price of Rs 395/share. CLSA sees improvement in core operations in Africa despite currency woes and expect a positive shift in Africa. It adds that India business is at a multi-year data boom and expects 11 per cent EBITDA CAGR in India operations. (Click here for more brokerage calls)

10:42 a.m.:
The market breadth is bearish as 1,204 stocks were declining while 650 were advancing.

10:13 a.m.: Select large-caps like Infosys and Britannia Industries are available at attractive valuations, says Pankaj Sharma.

10:08 a.m.: No reason for markets to go up till we see recovery in earnings, says Pankaj Sharma, head of equities with Equirus Securities.

10:02 a.m.: Banking stocks were witnessing the heat of selling pressure. The Bank Nifty was down 1.34 per cent; Federal Bank, Punjab National Bank, ICICI Bank, IndisInd Bank, Axis Bank and Yes Bank were among the losers, down 1.2-3.42 per cent each.

9:52 a.m.: Metal stocks were facing the heat of selling pressure. The BSE metal index fell 1.85 per cent; NMDC was the top loser from this space. The stock slumped 12.2 per cent to Rs 81.80 after the company announced to pay dividend of Rs 9.50 per share to its shareholders. Vedanta, Hindalco, Jindal Steel, SAIL, Nalco and Hindustan Zinc were also among the losers, down 0.88-2.7 per cent each.

9:40 a.m.: Divis Labs was the top loser from the mid-cap space, down 3.72 per cent to Rs 944. Neyveli Lignite, Indian Bank, M&M Financial Services, Wockhardt, JSW Energy and Berger Paints were also among the losers, down 1.77-3.2 per cent each.

9:25 a.m.: The Sensex fell over 150 points and Nifty slipped below its crucial psychological level of 7,100 in the opening deals on Wednesday tracking selling across the sectors amid weak global cues.

The Sensex fell as much as 162 points to hit low of 23,247.94 and Nifty touched low of 7,062.

Selling pressure was visible across the board with banking and metal stocks leading the fall. The banking and metal indices on the BSE fell 1.2 and 1.7 per cent each respectively.

The broader markets were also facing the heat of selling pressure. The BSE mid-cap index fell 0.74 per cent and small-cap index declined 0.56 per cent.

From the Nifty-50 baskets of stocks, 35 shares were declining while 15 were advancing.

Punjab National Bank was the top loser in the Nifty down 3 per cent to Rs 70.50. Cairn India, Vedanta, ONGC, NTPC, ICICI Bank, Tata Motors, BHEL and State Bank of India were also among the losers.

On the other hand, BPCL, Power Grid, GAIL India, Maruti Suzuki and HUL were among the gainers.

8:11 a.m.: The Sensex and Nifty are likely to open lower in trades today tracking losses in the Nifty futures traded on the Singapore Stock Exchange amid weak global cues.

The Nifty futures traded on Singapore exchange also known as the SGX Nifty was down 0.06 per cent or 4 points at 7,104.

Meanwhile, other Asian markets were trading on a weak note after a nascent recovery in the oil market lost momentum after Saudi Oil Minister Ali Al-Naimi effectively ruled out production cuts by major producers anytime soon.

Japan's Nikkei was down 0.65 per cent, China's Shanghai Composite slipped 0.3 per cent and Hong Kong's Hang Seng fell over 1 per cent.

Overnight, Wall Street stocks slid on Tuesday, hurt by pressure from a renewed drop in oil prices, undercutting momentum that had helped the market rebound from a sluggish start to the year.

The major U.S. indexes closed down more than 1 per cent. Crude prices settled down more than 4 percent as Saudi Oil Minister Ali Al-Naimi effectively ruled out production cuts anytime soon.

The Dow Jones industrial average fell 188.88 points, or 1.14 per cent, to 16,431.78, the S&P 500 lost 24.23 points, or 1.25 per cent, to 1,921.27 and the Nasdaq Composite dropped 67.02 points, or 1.47 per cent, to 4,503.58.

Back home, foreign institutional investors continued to sell Indian shares in the cash segment of the stock markets. On Tuesday, FIIs sold shares worth Rs 289.66 crore while the domestic investors bought shares worth Rs 257.93 crore.

(With inputs from Reuters)
 

Story first published on: February 24, 2016 16:01 (IST)

Tags: Sensex, Nifty, BSE, NSE, Share Market, Stock Market


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