Sensex Posts Longest Losing Streak In Six Months On Rupee Woes
Sensex Declines For Sixth Day Dragged By Reliance Industries, HUL
India's Sensex posted its longest losing streak in nearly six months as rupee weakened to an all-time low of 71.96 per dollar.
The Sensex fell 0.37 percent or 140 points to 38,018 and the Nifty 50 index declined 0.4 percent or 43 points to 11,477.
Thirteen of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Telecom index's 2.2 percent drop. On the other hand, the S&P BSE Metal index was top gainer, up 1.1 percent.
Mid- and small-cap shares also declined in line with larger peers. The S&P BSE MidCap index fell 0.6 percent and the S&P BSE SmallCap index slipped 0.5 percent.
Sensex Off Day's Low, Nifty Trades Above 11,450
Sensex and Nifty came off intraday low levels as Yes Bank, ICICI Bank, Sun Pharma and Vedanta advanced helping the benchmarks to stage partial recovery.
Muthoot Finance, Texmo Pipes Among Fab Four Stocks Of The Day
- Muthoot Finance: The Koch-based non-banking finance company rose as much as 10 percent, the most in over a year, to Rs 440 after it reported strong June quarter earnings.
- Texmo Pipes: The Madhya Pradesh-based PVC pipe maker rose as much as 16.2 percent to Rs 28 after it won order for HDPE pipes worth Rs 81.30 crore from Larsen & Toubro Limited.
- Kirloskar Ferrous: The Pune-based iron and ferrous castings maker rose as much as 9.5 percent, the most in nearly five months, to Rs 100.50 after won rights for iron ore mining in Karnataka.
- Mcnally Bharat: The Kolkata-based infrastructure construction company rose as much as 8.9 percent, the most in nearly two months, to Rs 40.40 after it received a construction order worth Rs 108 crore from NLC India.
Market Check: Sensex Drops Over 350 Points, Nifty Tests 11,400
- India's S&P BSE Sensex extended decline and was on track to post its longest losing streak in six months as rupee depreciated to record lows.
- The Sensex fell 0.9 percent or 362 points to 37,797 and the NSE Nifty 50 index slumped 1.04 percent or 120 points to 11,400.
- The mid- and small-cap shares saw deep cuts as the respective indices on the BSE fell 1.6 percent.
- The overall market breadth was extremely bearish as over 1,900 stocks were declining while 713 were advancing on BSE.
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Process Of Registering ARCs Has Begun: Government Official
Government official says power PSUs and banks will hold stake in asset reconstruction company under Pariwartan scheme.
- Asset Reconstruction Company to keep stressed power assets for 4-5 years.
- Process of registering ARCs has begun.
- Power PSUs, bankers to be part of ARCs.
- Pariwartan is for power projects without PPAs.
- Pariwartan is meant to keep commissioned projects operational.
Source: Government official to BloombergQuint