Update: Sensex Slips in Late Morning Trade, Down 222 points
Sensex slips in late morning trade, down 222 points
11:40 am The stock market slipped after a positive start with the benchmark BSE Sensex dropping by 221.92 points and broader NSE Nifty trading below the crucial 8,300-level on across-the-board selling pressure.
Sentiment turned bearish on consistent FII selling and worries over earning results of heavyweights expected later today. Key US Federal Open Market Committee (FOMC) starting tomorrow and April derivative contract expiring this week also led to a cautions approach.
Across-the-sector selling was witnessed with BSE healthcare and consumer durables losing over 2 per cent, while realty, IT, auto, capital goods and oil&gas down more than 1 per cent.
The broader market underperformed the Sensex with midcap and smallcap indices dropping nearly 3 per cent.
The 30-share BSE index resumed higher by 27,565.49 and hovered in the range of 27,567.28 to 27,210.10 before quoting at 27,216.02 at 1045hrs, showing a fall of 221.92 points or 0.81 per cent from its last close.
The 50-share Nifty was also quoted lower by 78.50 points or 0.95 per cent to quote at 8,226.75 at 1045hrs.
Major losers were Dr Reddy’s 2.46 per cent, BHEL 2.12 per cent, Hero MotoCorp 2.11 per cent, SBI 2.07 per cent, Tata Steel 2.00 per cent, Cipla 1.92 per cent, Infosys 1.83 per cent, Sun Pharma 1.67 per cent and HDFC 1.59 per cent.
Meanwhile, Foreign portfolio investors sold shares worth Rs 775.46 crore last Friday, as per provisional data.
Asian stock markets trading higher on Monday.
Key indices in China, Hong Kong, Taiwan and Singapore were up 0.08 to 1.85 per cent. Key indices in South Korea, Japan and Indonesia trading lower by 0.1 to 2.11 per cent.
10:00 am Sensex Rises 129 pts in Early Trade on Positive Asian Cues
The benchmark BSE Sensex gained over 129 points in early trade on Monday on value-based buying by investors amid positive cues from other Asian markets.
The 30-share index rose by 129.34 points, or 0.47 per cent, at 27,567.28 as buying in stocks of FMCG, power, auto, metal and infrastructure sectors, positively impacted the trading sentiments.
Besides, the National Stock Exchange index Nifty gained 29.20 points, or 0.35 per cent, at 8,334.45.
Brokers said value-based buying in bluechips after recent losses following disappointing earnings and persistent worries over the controversial Minimum Alternate Tax (MAT) issue along with a firming trend in other Asian markets, influenced domestic trading sentiments.
Besides, expectations of encouraging fourth quarter earnings from bluechips such as Maruti Suzuki and ICICI Bank, to be released later today, buoyed sentiments.
Maruti Suzuki shares rose 1.25 per cent, while ICICI Banks scrips were up 1.27 per cent in early trade.
Among other Asian markets, Hong Kong’s Hang Seng was up by 0.66 per cent while Japan’s Nikkei gained 0.22 per cent in early trade.
The US Dow Jones Industrial Average closed 0.12 per cent up at record-high on Friday.
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