A financial trader points to data displayed on computer screens. (Photographer: Akos Stiller/Bloomberg)

Sensex, Nifty Fall For Third Straight Day Dragged By Metals

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Closing Bell

Indian equity benchmarks fell for third day in a row on the back of a broad-based selling pressure which was triggered as commodities in international markets came under a selling pressure.

The S&P BSE Sensex fell 0.55 percent to 32,760 and the NSE Nifty 50 Index declined 0.67 percent to 10,118.

Correction for Indian shares was long due and it is because of concerns of fiscal deficit expanding on the back of higher oil prices and GST rates getting revised, market expert Mehraboon Irani told BloombergQuint.

All the sector gauges compiled by BSE ended lower led by the S&P BSE Metal Index’s 3 percent drop.

Sensex, Nifty Fall For Third Straight Day Dragged By Metals

Market Expert Mehraboon Irani To BloombergQuint

  • Do not expect Larsen & Toubro going below Rs 1,200
  • L&T best proxy to infrastructure, engineering and capital goods space
  • Many sectors are over-valued and most stocks have run ahead of earnings
  • Story of Indian pharma is over, there could be one or two pockets of strength here and there in pharma space

Reliance Anil Dhirubhai Amabani Group Shares Crack In Trade

Shares of Anil Dhirubhai Ambani Group (ADAG) companies fell in trade today. Anil Dhirubhai Ambani Group companies are highly over leveraged and there is not much visibility of how they plan to reduce debt, market expert Mehraboon Irani told BloombergQuint.

  • Reliance Capital plunges 10 percent
  • Reliance Communications slumps 13 percent
  • Reliance Power declined 9 percent
  • Reliance Infrastructure drops 8

Fab Four Stocks Of The Day

  • Fortis Healthcare: The stock rose as much as 11.54 percent, the most in over a year, to Rs 145.50 after the company entered into an agreement to acquire Singapore-listed RHT Health Trust for a combined enterprise value of approximately Rs 4,650 crore.
  • Panacea Biotech: The Punjab-based drugmaker rose close to 10 percent after it signed an agreement with government's Technology Development Board (TDB) for providing the financial assistance of Rs 28.99 Crore
  • TVS Srichakra: The stock rose nearly 6.5 percent after rubber price in international market fell to its lowest level in two weeks.
  • Waterbase: The stock gained the most in over two years to hit record high of Rs 188.70 on the back of strong earnings:
  • Revenue rose 21 percent to Rs 97 crore versus Rs 80 crore (YoY)
  • EBITDA jumped 200 percent to Rs 15 crore versus Rs 5 crore (YoY)
  • Margin came in at 15.6 percent versus 6.5 percent
  • Net profit rose 265 percent to Rs 9.5 crore versus Rs 2.6 crore (YoY)

Market Check

  • Indian equity benchmarks extended losses in last hour of trade led by selling pressure in metal, realty and power shares.
  • The S&P BSE Sensex fell 236 points to 32,705 and the NSE Nifty 50 Index broke its crucial psychological level of 10,100, down 88 points.
  • All the sector gauges compiled by BSE were trading lower led by S&P BSE Metal Index's 3.6 percent fall.
  • Broader markets were also facing selling pressure as the S&P BSE MidCap Index declined 1.3 percent and the S&P BSE SmallCap Index fell 1.7 percent.
  • From the Nifty 50 basket of shares, 37 were trading lower while 13 were among the gainers.
  • Vedanta, Sun Pharma, Hindalco, Bharti Infratel, Indiabulls Housing Finance and UPL were among the top losers, down 3.4-5 percent.

Bloomberg Quint

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