Sensex, Nifty Fall For Second Session On  Growth Concerns
The BSE signage is seen through foliage in Mumbai, India. (Photographer: Vivek Prakash/Bloomberg)

Sensex, Nifty Fall For Second Session On Growth Concerns

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Closing Bell: Sensex, Nifty End Lower For The Second Day

Indian equity benchmarks extended their decline for the second session in a row led by losses in Tata Motors and Yes Bank.

The S&P BSE Sensex fell as much as 0.72 percent to 37,060.37 and the NSE Nifty 50 declined as much as 0.89 percent to close at 10,918.70. The broader markets represented by the NSE Nifty 500 Index fell 1.04 percent.

“Investors are pinning hopes on any stimulus or measures from the Indian government to lift the sentiments,” said Ajit Mishra, vice president (Research) at Religare Broking in an emailed statement.

The indices could "certainly" correct another 2-3 percent in the short-term, said Vikas Sethi, managing director, Sethi Finmart, in an interview to BloombergQuint. “However, it is a right time to buy good quality stocks with 9-12 months time frame,” Sethi said.

The market breadth was tilted in favour of sellers. About 1,341 stocks declined and 441 shares advanced on National Stock Exchange.

All 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty PSU Bank Index’s 2.95 percent fall.

Sensex, Nifty Fall For Second Session On  Growth Concerns

Nestle Hits All-Time High

Shares of the consumer staple major jumped 5.7 percent intraday to a lifetime high of Rs 12,646.50 each.

The trading volume was more than five times the 20-day average for this time of the day, Bloomberg data showed.

Hathway Cable Hits Upper Circuit; Gains Nearly 65% In Last Six Sessions

Shares of the cable operator was locked in the upper circuit after it rose 20 percent intraday to Rs 32.50 each. The Reliance Industries-group company has gained nearly 65 percent in the last six sessions.

The trading volume was more than nine times the 20-day average, according to Bloomberg data. The relative strength index on the stock was above 70, indicating it may be overbought.

Markets Check: Sensex, Nifty Extend Decline; Tata Motors At Nearly A Decade Low

Indian equity benchmarks extended their decline for the second session in a row led by losses in Tata Motors and Yes Bank.

The S&P BSE Sensex fell as much as 0.75 percent to 37,040.95 and the NSE Nifty 50 declined as much as 0.94 percent to 10,913.55. The broader markets represented by the NSE Nifty 500 Index fell 1.04 percent.

The market breadth was tilted in favour of sellers. About 1,371 stocks declined and 407 shares advanced on National Stock Exchange.

All 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Metal Index’s 2.95 percent fall.

Cigarette Maker ITC Is Said To Mull Bid For Coffee Day: Bloomberg

ITC Ltd., Asia’s largest cigarette maker by market value, is considering a bid to buy a stake in Coffee Day Enterprises Ltd. as it seeks to diversify away from tobacco products, people familiar with the matter told Bloomberg News.

Here are the other details from the Bloomberg report:

  • ITC has been given access to Coffee Day’s assets and financials for due diligence.
  • Coca-Cola Co. has evaluated Coffee Day but hasn’t made a formal offer.
  • ITC's deliberations are at preliminary stage and may not lead to a formal offer for Coffee Day.

Shares of Coffee Day were already locked in the upper circuit of 5 percent at Rs 72.50 each. ITC pared losses to trade 1.4 percent lower at Rs 241 apiece. ITC shares had fallen as much as 2.2 percent intraday.

Also read: Asia’s Largest Cigarette Maker Considers Stake in Coffee Day

Block Deal Alert: Tata Power

About 16 lakh shares changed hands in a block deal on National Stock Exchange. The buyers and sellers were not known immediately.

Shares for the power generator pared losses to trade 4 percent lower at Rs 52.90 each.
The shares as much as 6.1 percent intraday.

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