Tuesday, 16 February 2016


After previous day’s sharp upswing, just when one thought that the momentum has returned There was blood shed all over the bourses the  Sensex wiped off all early gains to end the day 362 points on Tuesday, while broader  Nifty slipped below its key 7050mark after testing 7,200. Market breadth turned fairly negative with 26 of the 30 Sensex components ending the day in red. Banking shares are trading lower after SBI chairman says non-performing assets will rise in the March quarter as well, and profitability will get impacte. Syndicate Bank is down 5.2%, State Bank of India 3.6%, Central Bank of India 3.6%, Punjab National Bank 3.3%, Canara Bank 3.3%, Bank of Baroda 3.3%, Uco Bank 3.2%, Allahabad Bank 2.5%, DCB Bank 2.4%, Union Bank of India 2.3% and Corporation Bank 2.2%.SBI was the worst performing stock on both the headline indices and lost nearly 7 %.  European stock markets rose on Tuesday, helped by stronger energy stocks which gained ground as oil prices surged on the possibility of output cuts. The Indian currency weakened further against the US dollar dampening sentiment. Meanwhile, oil prices gave away gains after a meeting between oil ministers from Saudi Arabia and Russia ended with consensus to freeze output at January's levels; however, there would be no cut in production. The Union Petroleum and Natural Gas Minister Dharmendra Pradhan has stressed on the need to enhance domestic production of Oil & Gas through process and technical improvements, besides enhanced exploratory coverage. The rupee was trading lower by 15 paise at 68.22 against the American currency in early trade today at the Interbank Foreign Exchange market as the dollar firmed up overseas.  

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