Monday, 26 September 2016

Sensex plunges around 300 points; rate-sensitive shares drag

The Indian markets have extended their losses and are trading near day's low amid weak European cues. At 13:20 p.m., the benchmark S&P BSE Sensex was trading at 28,369 levels, down by 299 points or 1.07%. Nifty50 had declined 90 points or 1% and was trading at 8,742 points.The top Sensex losers were, ONGC, ICICI Bank and Bharti Airtel, all losing between 2%-3%. Reliance Industries Ltd, Coal India Ltd, and Power Grid Corporation of India Ltd were the top gainers, surging around 1%.Top Nifty50 losers were ICICI Bank, Bharti Airtel and ONGC, down between 1%-3% while the top gainers were Reliance Industries Ltd, Bharat Petroleum Corporation Ltd and Tata Power, gaining between 1%-3%.

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Benchmark indices are trading near day’s low as selling pressure among financials and auto shares have intensified. Weakness in Asian and European stocks also weighed on sentiment.

By 12:35 PM, the S&P BSE Sensex dipped 219 points at 28,449 and the Nifty50 slipped 62 points to trade at 8,770. Broader markets are outperforming- BSE Midcap and Smallcap indices are up 0.1% each.

Top losers from the Sensex pack are ICICI Bank, Bharti Airtel, Adani Ports, M&M and Hero MotoCorp, all slumping between 1%-3%. However, RIL has surged nearly 2%.

Among other shares, Marksans Pharma has moved higher by 12% to Rs 53.55 on the BSE after the company announced that it has got US drug regulator nod for loratadine liquid filed capsules 10 mg.

Adlabs Entertainment has surged 17% to Rs 117, extending its previous two trading days rally on the National Stock Exchange (NSE) on back of heavy volumes.Updated at 10:50 am

Continuing the trend that as set in the morning session, the Indian markets are still trading lower tracking weakness among global peers.

At 10:50 a.m. the S&P BSE Sensex was trading at 28,535 points, down by 133 points or 0.5%. Nifty50 too fell by 41 points or 0.5%, trading at 8,791 levels. BSE Midcap and Smallcap indices are up 0.1%-0.2%.

Asian shares began the week under a cloud on Monday after losses on Wall Street, as investors' attention turned from central banks to American politics ahead of the first US presidential debate.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1% in early trade, while Japan's Nikkei stock index slumped 0.5% against the headwinds of a stronger currency.

Back home, KNR Constructions hit a 52-week high of Rs 765, up 5.5% on the BSE in an early morning trade, after the company announced that the board will meet on Friday, September 30, to consider stock split in the ratio of 1:5.

Vardhman Textiles  rallied 4% to Rs 1078 on the BSE after the company announced that the board approved a buyback of 6.13 million equity shares for Rs 1,175 per share.

Top losers from the Sensex Midcap pack are ISCI, Den and Prestige, all plunging more than 3%. On the gaining side, Marksans Pharma, Raymond and Hindustan Copper are up 5%-8%. 

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