Sensex Down Over 100 Points, Nifty Struggles Below 8,650

0
121

10.40 a.m.: Sensex fell 134 points to 27,943 after selling intensified in metal and auto shares. The Nifty traded 46 points lower at 8,621.

Hindalco, Sun Pharma, Lupin, Bank of Baroda were the prominent losers in the Nifty, down 1.5-2 per cent.

10.10 a.m.: Selling in auto, metal and banking shares dragged frontline indices lower. The Sensex was down 65 points at 28,012 while the Nifty50 index traded 25 points lower at 8,642.

ADVERTISEMENT
x

10.05 a.m.: Fortis Malar Hospital shares surged 20 per cent to Rs 68.50 after its parent Fortis Healthcare announced demerger of diagnostic business with itself. (Read full story here)

9:30 p.m.: Welspun India slumps 20 per cent after Bloomberg reported that Target Corp is ending all business with the company, “after saying the supplier was sending it phony Egyptian cotton sheets”. (Read)

9:25 p.m.: Sensex overcame a weak start to move higher with FMCG and energy stocks edging higher in early trade. Sensex up over 50 points while Nifty rises to 8,685 at day’s high.

The BSE Sensex and Nifty are likely to open flat on Monday as indicated by SGX Nifty (Nifty futures trading on Singapore Stock Exchange), which was up 11 points at 8,699 as of 8.10 a.m..

The government on Saturday appointed Urjit Patel, current Deputy Governor at Reserve Bank of India, as the new Governor who will replace outgoing Governor Raghuram Rajan. Mr Patel’s appointment as Reserve Bank Governor should lead to a rally in stock markets, said most of the analysts as it signals the continuity of monetary policy, which is focused on curbing inflation.

Urjit Patel is the key architect of the inflation-targeting approach formalised as a policy recently.

Among Nifty stocks, NTPC will be in focus today as it will announce its earnings for the April-June quarter. Among other companies, HPCL and Indraprastha Gas will also declare their Q1 results today.

Stocks like Fortis Healthcare and Fortis Malar Hospitals will be in focus. Fortis Healthcare on Friday post market hours announced demerger of its diagnostic business SRL, which will be merged into its listed arm Fortis Malar Hospitals. Existing hospital business of Fortis Malar will be transferred to Fortis Healthcare and Fortis Malar will be renamed SRL post the merger. Shareholders of Fortis Healthcare will get 98 shares of SRL for every 100 shares of Fortis Healthcare held.

Meanwhile, Asian shares traded mostly lower expect Japan’s Nikkei, which was up 0.24 per cent; Hang Seng was down 0.48 per cent, Kospi fell 0.68 per cent while Shanghai Composite shed 0.53 per cent.