Sensex, Nifty Fall For Third Straight Day Dragged By HDFC Twins
Closing Bell: Sensex Drops Over 250 Points Dragged By HDFC Twins
Indian equity benchmarks fell for third day in a row dragged by HDFC twins, Reliance Industries and Hero MotoCorp.
The S&P BSE Sensex fell 0.76 percent or 272 points to 35,470 and the NSE Nifty 50 Index dropped 0.84 percent or 90 pints to 10,663.
Sixteen of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Realty Index's 2.3 percent decline. On the flipside, S&P BSE Information Technology Index was top gainer, up 0.5 percent.
Mid- and small-cap shares also faced selling pressure as the S&P BSE MidCap Index declined 0.54 percent and the S&P BSE SmallCap Index fell 1.14 percent.
HUL Will Continue To Remain Expensive: Sanjiv Bhasin
Sanjiv Bhasin executive VP-markets & corporate affairs at IIFL discussed stocks with BloombergQuint. Here are the highlights of his conversation:
- Valuations are extremely comforting in ITC; HUL will continue to remain expensive.
- All corrections are being bought into Avenue Supermarkets.
- Like JSW Steel and Tata Steel at current levels; 20 percent upside possible in next six months.
- Like SRF, Atul and Aarti Industries from specialty chemical space.
- Tailwinds far outnumber the headwinds for tyre companies rubber prices are at 4-month lows and we like MRF, Apollo Tyre and Ceat for 20 percent upside
- Autos will bounce back smartly as there will be buying because of concessions ahead of Budget.
Market Update: Sensex Drops Over 200 Points, Nifty Below 10,700
Indian equity benchmarks extended decline paced by losses in Hero MotoCorp, Bajaj Auto and Asian Paints.
The Sensex fell 0.6 percent or 214 points to 35,527 and the NSE Nifty 50 Index declined 0.62 percent or 66 points to 10,686.
Top Nifty 50 Losers
- JSW Steel down 4.76 percent
- Hero MotoCorp down 4.45 percent
- Indian Oil down 3.11 percent
- Bajaj Auto down 3.07 percent
- Titan down 2.84 percent
BHEL Surges On Report Of Talks With U.S. Firm For Lithium Ion Battery JV
Shares of the Delhi-based heavy electrical equipment maker rose as much as 4.1 percent, the most since Dec. 3, to Rs 73.
Union Minister Anant Geete on Friday said that the government is making efforts to manufacture lithium-ion batteries in India and talks are on between state-run BHEL and a U.S. firm to form a joint venture in this regard, news agency Press Trust of India reported.
Market Check: Sensex, Nifty Swing In Narrow Range
Indian equity benchmarks were flat swinging in a narrow band as gains in TCS, Infosys and ITC were offset by losses in HDFC twins, Hero MotoCorp and Larsen & Toubro.
The Sensex fell 0.06 percent or 20 points to 35,721 and the Nifty 50 Index declined 0.11 percent or 12 points to 10,742.
Twelve off 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Realty Index's 1.8 percent decline. On the flipside, S&P BSE Information Technology Index was top gainer, up 1.2 percent.
Market breadth was negative as 1,392 shares were declining while 900 were advancing on the BSE.