Sensex Falls Over 250 Points | Next Level Education
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Sensex Falls Over 250 Points

Sensex Falls Over 250 Points

Sensex Falls Over 250 Points, Trades Below 26,000; Banks Witness Selloff. The selling pressure on Dalal Street intensified further and the 50-share Nifty broke below its crucial psychological level of 8,000 and Sensex fell over 200 points.

3:23 p.m.: Banking shares continue to reel under selling pressure. The Bank Nifty trades 1 per cent or 221 points lower at 17,901 and PSU Bank index on the NSE falls 1.85 per cent.

3:10 p.m.: Market breadth continues to remain bearish as 2,013 shares were falling while only 577 were advancing on the BSE.

3:02 p.m.: Broader markets reel under selling pressure. The BSE mid-cap index slumps 1.5 per cent and small-cap index falls 1.2 per cent.
2:47 p.m.: Indian stocks markets are set to extend their losses to the seventh day in a row – the longest losing streak in 21 months- as worries about the impact of demonetisation continue to weigh on market sentiment.

2:33 p.m.: The Sensex remained under pressure – down 260 points – while the broader Nifty traded below the 8,000 mark.

Anil Manghnani of Modern Shares and Stock Brokers said that if the Nifty breaks below 7,900, the selloff could accelerate. The market is waiting for announcements from the government on steps to prop up the economy after demonetisation, he added.

1:44 p.m.: From the Nifty basket of shares, 45 were declining while only 6 were advancing. Adani Ports and SEZ was the top Nifty loser, down 4 per cent at Rs 262.75. Hindalco, ONGC, IndusInd Bank, Axis Bank, State Bank of India, Infosys, L&T, BHEL and Bharti Airtel were also among the losers.

1:36 p.m.: Analysts say market is facing a selloff on the back of various domestic and global factors. They say that a stronger dollar makes developed markets more attractive hence foreign flows are moving out of emerging markets into developed markets. Expectation of three rate hikes by US Fed has also dampened the sentiment in the emerging markets. At the same time domestically, analysts expect demonetisation to impact Q3 and Q4 results in India and expectation of a big rate cut is also fading.

1:01 p.m.: The overall market breadth remains extremely bearish as 1,931 shares were declining while 478 were advancing on the BSE.

12:53 p.m.: The stock markets continued the downward slide on the back of a selloff in banking, metal and capital goods shares. The Sensex fell over 250 points to trade below its important psychological level of 26,000 while Nifty slumped 85 points to struggle below key 8,000 levels.

Analysts say that the selloff in the markets is happening on the back of weak global cues.

12:41 p.m.: Swan Energy was the top loser from the small-cap space, down 7.5 per cent at Rs 160. Punjab Chemicals, Mastek, Sunil Hitech Engineers, Infinite Computer Solutions, TVS Electronic, Trigyn Technologies and MBL Infra were also among the laggards from the small-cap space.

12:03 p.m.: The overall market breadth was extremely bearish on the BSE as 1,832 shares were declining while 469 were advancing.

11:48 a.m.: Metal shares extends losses, the BSE metals index falls 2.5 per cent; Vedanta, Jindal Steel, NALCO, SAIL, Tata Steel, NMDC, Hindustan Zinc and JSW Steel were among the laggards.

11:27 a.m.: PSU banking shares face selling pressure. The PSU Bank index on the NSE falls 2 per cent; Canara Bank was the top loser from this space, down 2.5 per cent at Rs 281.60. Bank of Baroda, State Bank of India, Union Bank, Allahabad Bank, Punjab National Bank, Oriental Bank of Commerce, Andhra Bank and IDBI were also among the losers.

11:01 a.m.: “Selling by FIIs needs to stop and the good thing is that the domestic institutional investors are still not selling which is a positive sign. But demonetisation has taken its toll on markets longer than earlier anticipated and market is going through a lull and looking for announcements from the government now that the demonetisation deadline is near,” says Anil Manghnani of Modern Shares and Stock Brokers.

10:44 a.m.: The broader markets were also facing the heat of selling pressure. The BSE mid-cap index declined 1 per cent and small-cap index fell 0.95 per cent. Jindal Steel was the top loser from the mid-cap space, down 4.25 per cent at Rs 68.70. Indian Bank, Piramal Enterprises, M&M Financial Services, United Breweries, Canara Bank, Bajaj Finserv, Wockhardt and Emami were also among the laggards.

10:39 a.m.: The selling pressure on Dalal Street intensified further and the 50-share Nifty broke below its crucial psychological level of 8,000 and Sensex fell over 200 points.

10:16 a.m.: Sensex and Nifty extended losses in morning deals as selling pressure picked up pace in banking, metal, power and auto shares. The Sensex fell as much as 186 points to 26,056.47 and Nifty fell 59 points to hit intraday low of 8,002.

From the Nifty basket of shares, 44 were declining while 7 were declining.

9:30 a.m.: Sensex fell over 100 points and Nifty struggled below its crucial psychological level of 8,050 on the back of selling pressure in banking, metal, oil & gas and FMCG shares amid subdued global cues.

Other Asian markets were also trading on a weak note as investors locked in gains in thin trade ahead of the upcoming holidays.

Meanwhile, on Dalal Street, selling pressure was visible across the sectors with banking, metal, oil & gas, FMCG shares leading the losses.

From the Nifty basket of shares, 36 were trading lower while 15 were trading higher.

Hindalco was among the top Nifty losers, the stock fell 1.45 per cent to Rs 166.35. IndusInd Bank, ONGC, GAIL India, Bank of Baroda, HDFC, State Bank of India, Maruti Suzuki, ACC and Kotak Mahindra Bank were also among the laggards in opening deals.

On the other hand, Sun Pharma was the top Nifty gainer; the stock jumped 1.3 per cent to Rs 622.45 after the company today informed exchanges that it plans to acquire a branded oncology product, Odomzo, from Novartis.

Eicher Motors, Tata Motors, Wipro, Infosys, TCS and Aurobindo Pharm were also among the gainers.

Losses in the markets were broad-based as mid-cap index fell 0.43 per cent and small-cap index declined 0.26 per cent.

7:46 a.m.: Sensex is set for a weak start in trades today while Nifty may open below its crucial psychological level of 8,050 as indicated by the Nifty futures traded on the Singapore Exchange amid weak global cues.

The Nifty futures traded on Singapore Exchange also known as the SGX Nifty was down 0.37 per cent or 29 points at 8,047.

Meanwhile, other Asian share markets were trading on a weak note as investors locked in gains in thin trade ahead of the upcoming holidays. Japan’s Nikkei was down 0.3 per cent, Hong Kong’s Hang Seng declined 0.58 per cent and China’s Shanghai Shenzen fell 0.2 per cent.

Overnight, US stocks fell on Wednesday, with healthcare and real estate shares losing ground a day after the Nasdaq Composite and the Dow Jones Industrial Average hit record highs.

US stocks have rallied since the November 8 election, with the Dow up 9 percent and the S&P 500 gaining 6 percent on bets that President-elect Donald Trump’s plans for deregulation and infrastructure spending will boost the economy.

Some investors worry that the so-called Trump rally has made stocks expensive and are concerned that legislators may resist strong tax cuts and other policies that could widen the federal deficit. The S&P 500 is trading at about 17 times expected 12-month earnings, well above the 10-year average of 14, according to Thomson Reuters Datastream.

The Dow Jones Industrial Average dipped 0.16 percent on Wednesday to end at 19,941.96 points and the S&P 500 lost 0.25 percent to 2,265.18.

The Nasdaq Composite dropped 0.23 percent to 5,471.43.

Back home, foreign institutional investors continue to sell Indian shares. On Wednesday FIIs sold shares worth Rs 1,178 crore while domestic institutional investors bought shares worth Rs 1,058 crore.

Read the Main Article here: http://profit.ndtv.com/news/market/article-sensex-set-for-a-weak-start-nifty-may-open-below-8-050-1640545

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