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Update: Sensex Loses Earlier Gains, Declines 30 pts 

Sensex, Nifty erase gains, slip into red.

Updated
Business
2 min read
(Photo: Reuters)

2:50 pm The benchmark BSE Sensex shrugged off its initial weakness and rebounded over 164 points to 26,978.22 in late afternoon trade today on value-buying as the much-awaited monsoon finally arrived in Kerala.

Key blue-chips Coal India, Sun Pharma, GAIL, HUL and L&T led the gains.

The market had fallen over 1,000 points over the past few sessions after the RBI’s cautious rate stance and the Met Department’s downward revision of 2015 monsoon forecast to “deficient” from “slightly below normal” sparking fears of a drought.

Recovery in the rupee somewhat supported the upside.

The Sensex, which fell over 84 points in early trade on sustained selling pressure, traded higher by 164.80 points, or 0.61 per cent, at 26,978.22 during the late session.

The NSE Nifty, too, traded in the positive zone, up 47 points, or 0.58 per cent, at 8,177.65 after sliding to 8,100.15.

Brokers attributed the modest recovery to value-buying by investors as several stocks were in oversold zone and recovery in the rupee against the American currency.

The rupee was trading 13 paise higher at Rs 63.87 (intra-session).

In the the Sensex pack, Coal India caught buyers’ attention, which climbed 4.85 per cent to Rs 407.15 after Morgan Stanley upgraded it to “overweight” from “equal-weight”.

Other major gainers were NTPC, Wipro, M&M, ITC, and Tata Steel.

Meanwhile, FIIs net bought shares worth Rs 511.90 crore yesterday, according to provisional exchange data.

10:00 am The benchmark BSE Sensex stretched its losses for the fourth straight day on Friday, falling over 84 points in early trade on sustained selling by participants, triggered by weak domestic as well as global cues.

The 30-share index declined 84.16 points, or 0.31 per cent, to 26,729.26.

The gauge had lost 1,035.57 points in the previous three consecutive sessions after RBI took a cautious stance on the economic recovery and fears of a drought after the Met department downgraded 2015 monsoon forecast to “deficient”.

Similarly, the NSE Nifty slipped 28.95 points, or 0.35 per cent, to 8,101.70.

Major losers that dragged down the indices were realty, FMCG, banking, auto, IT, consumer durables and power sector stocks.

Nestle India continued its slide for yet another session and was trading down 3.28 per cent at Rs 5,813.60 after the company last night decided to take Maggi off the shelves following a controversy over its contents, prompting several states to ban the ‘two-minute’ noodles.

Brokers said sentiment remained weak as investors engaged in selling activity amid absence of any positive domestic as well as global cues.

Besides, overnight losses in US markets after the IMF slashed its forecast for US growth this year to 2.5 per cent from a previous estimate of 3.1 per cent hurt sentiment, they added.

In other Asian markets, Hong Kong’s Hang Seng index was down 0.46 per cent while Japan’s Nikkei shed 0.44 per cent in early trade today.

The US Dow Jones ended 0.94 per cent lower in yesterday’s trade.

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

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