Wednesday, 10 February 2016

STOCKS AND NIFTY WITNESSED THE DOWNTREND


Indian stocks fell more than 1% for a third consecutive session on Wednesday, pushing indices to their lowest since May 2014. The Sensex ended down 262.08 points at 23758 and the Nifty down 82.50 points at 7215.Banking stocks were the worst hit in trades today. The Bank Nifty settled 1.93 & lower at 14588 while the PSU Bank Nifty a sub-index of the state-run lenders, slumped 5.38 %.The PSU banking shares are witnessing heavy selling after a string of public sector banks reported huge losses on account of rising bad loans in the December quarter. Real estate, auto and healthcare stocks also witnessed selling pressure. Heavy selling from foreign institutional investors has also been weighing on Indian markets since the start of this year. FIIs sold over Rs 11,000 crore of Indian shares in January, the biggest in one month since 2008.From the Nifty-50 basket of stocks, 37 stocks declined while 13 stocks advanced Infosys, M&M, Apollo Tyre, CEAT, Hathway and SPARC are among the gainers, whereas Tata Motors, Adani Ports, Dr.Reddy's and SBI are losing sheen on BSE. Indian Rupee opened flat at 67.90/$ in early trade on Wednesday as against the previous close of 67.90/$. Today, the rupee movement will be in focus. In the Asian region, Asian stock markets took another battering today, with Tokyo leading a day of sharp losses as investors grow increasingly concerned about the world economy and the possibility of a global recession. Among other Asian indices, Japan's Nikkei was down 2.3 percent at 15,713.39 while Chinese markets are shut on account of Lunar year celebrations. Aurobindo Pharma shares fell 11.34 % to Rs 659. Company post the market hours on Tuesday reported better-than-expected net profit of Rs 535 crore on sales of Rs 3432 crore.

No comments:

Post a Comment