Sensex Falls for Third Day in a Row, Ends 174 Points Lower at 25,406

Sensex Falls for Third Day in a Row, Ends 174 Points Lower at 25,406
3.35 p.m.: Sensex extended losses to third day in a row on weak global cues. It ended 174 points lower at 25,406.33 and the NSE benchmark Nifty settled below the 7,750 mark, down 43.65 points. 

FMCG and metal counters dragged markets lower. ITC fell 3 per cent while Vedanta, Tata Steel and Hindalco Industries shed between 2-4 per cent each. Vedanta was the top loser in Nifty. ICICI Bank, Tata Motors, Maruti Suzuki, M&M, ONGC, Lupin were the other major losers in the Nifty 50 index falling between 1.5-3 per cent. 

Meanwhile, Reliance Industries was the top gainer in the Nifty, up 2.69 per cent followed by Cipla and TCS. BPCL, IndusInd Bank, Coal India, Tech Mahindra were the other gainers in the index. Out of the 50 stocks in Nifty, 14 stocks ended with gains while 36 shares closed with losses. 

Market breadth remained weak. On the BSE, decliners outnumbered gainers by 1,516:1,404. 111 shares remained unchanged. 

Broader markets also ended with losses. The BSE Midcap index closed 0.29 per cent lower while the BSE Smallcap index ended down 0.42 per cent. 

3.20 p.m.: RIL up 2.8 per cent at Rs 1,032.95, top gainer in the Nifty50 basket. Anil Manghnani of Modern Shares & Stock Brokers says Reliance Industries has not performed much in past 8 years and if it starts to sustain Rs 1,030-1,040 levels on a monthly closing basis then it could be a key stock for the next 2 years. 

3.10 p.m.:Mayuresh Joshi, fund manager at Angel Broking says, markets are likely to be extremely volatile in the near term and stock specific action will be seen in the markers, as China overhang will continue to worry investors. "Revival in earnings will take few quarter and international factors will keep markets in check", he added. 

2.50 p.m.: Markets witness marginal recovery, Sensex down 130 points at 25,450 and the Nifty hovers around 7,750. Anil Manghnani, director at Modern Shares & Stock Brokers, told NDTV that 7,700 on the Nifty should act as an support, breaking which may lead the Nifty to 7,550. 

2.25 p.m. Buzzing Stock: Premier Explosives locked in upper circuit at Rs 495.90, up 20 per cent. It has signed an agreement with Israel Aerospace Industries for exploring business opportunities. Premier Explosives manufactures range of commercial explosives and makes solid propellants for Indian missiles. 

2.00 p.m.: Markets extend fall, Sensex down 140 points at 25,441, Nifty slips below the 7,750 mark. European shares are down more than 1 per cent. 

ITC continues to drag, down more than 3 per cent at Rs 315. Vedanta, ONGC, ICICI Bank, Tata Steel fall between 2-3 per cent each. 

1.20 p.m.:Siti Cable Network shares fall 1.16 per cent to Rs 38.30. Its board today has approved plans to raise up to Rs 680 crore through issuance of warrants and convertible debentures to promoter companies at Rs 35 per warrant. 

1.05 p.m.: Sensex, Nifty struggle to hold gains amid selling in heavy weight like ITC, ICIC Bank. ITC is the top loser in Nifty, down 2.72 per cent while ICICI Bank trades 1.77 per cent lower. Vedanta, Tata Steel, M&M are the other prominent losers in the index, down between 1.2-2 per cent. 

12.50 p.m.:RPP Infra Projects shares are up 2.58 per cent at RS 111.20. It has received an order worth Rs 30.5 crore from Karnataka State Police Housing & Infrastructure Development Corporation for construction of 212 numbers of police quarters in Dharwad District. 

12.12 p.m.: Narayana Hrudayalaya shares, which listed on the exchanges today, are up 28.6 per cent at Rs 321.90. 

Ashutosh Raghuvanshi, group CEO at Narayana Hrudayalaya, told NDTV that its 14 new centers, which were set up over last three years will go towards the maturity cycle in next one year and will add "significantly" to its revenue and profit. "We expect growth better than what we have seen in last few years," he added. 

11.50 a.m.: Sensex down 18 points at 25,562, Nifty at 7,782. RIL, Bharti Airtel, Cipla gain between 1.5-2.8 per cent each. FMCG stocks witness profit booking. ITC top loser in Nifty, down 2.1 per cent.
11.30 a.m.: Bharati Shipyard shares jumped 5 per cent to hit 52-week high of Rs 33.85. Its board is meeting tomorrow to consider issue of convertible warrants to non-promoters on preferential basis. 

10.48 a.m.: Sensex down 10 points at 25,570 and Nifty unchanged at 7,785. Energy shares witness buying. NSE's sub-index for energy shares is up 1.32 per cent. Reliance Industry is the top gainer in Nifty, up 2.2 per cent at Rs 1,027.50. CLSA has maintained its buy call on RIL, with a target price of Rs 1,230 apiece, indicating a potential upside of 22 per cent from Tuesday's closing price. Gail, BPCL were the other two prominent gainers from the Nifty50 pack up 1.77 per cent and 1.15 per cent respectively. 

Telecom stock Bharti Airtel and Idea Cellular, which took a knock on Monday, witness some buying today. Both the stocks were up over 1 per cent each. 

On the other hand ITC was the top loser in Nifty, down 1.46 per cent followed by ICICI Bank and Tata Motors. 

Broader markets outperform Nifty. The BSE Midcap index gain 0.4 per cent while the smallcap index rose 0.52 per cent. 

10:08 a.m.: Narayana Hrudayalaya shares make strong debut, surge 26 per cent to 315 against issue price of Rs 250. (Read story here)

9.35 a.m.: Cadila Healthcare jumps nearly 4 per cent to Rs 325.45. Credit Suisse has upgraded the stock to outperform with a price target of Rs 450 (See brokerage report)

9.15 a.m.: Indian markets open lower. The Sensex edges over 70 points to 25,503 and the Nifty fall to 7,763, down 20 points. Metal stocks witness some profit booking after Tuesday's stellar run. Tata Steel, Vedanta fall between 0.6-1.3 per cent each. 

Oil & gas shares like ONGC, Gail and Cairn India fall between 0.3-0.9 per cent tracking overnight selloff in crude oil. 

9.00 a.m.: Rupee opens lower at 66.70 per dollar against Tuesday's close of 66.59. 

8.00 a.m.: The Sensex and Nifty are set to open flat on Wednesday as indicated by the Nifty future trading on Singapore Stock Exchange, which was up 4 points at 7,785. 

Sentiment is likely to be weak as foreign investors continued to be net sellers of Indian shares; they have sold cash shares worth Rs 352 crore on Tuesday and domestic investors were net buyers to the tune of Rs 13 crore. 

Meanwhile, Asian shares were trading mostly lower except China. Hong Kong's Hang Seng index was down 0.53 per cent, Japan's Nikkei fell 1.21 per cent while Korea's Kospi shed 0.64 per cent. The Shanghai Composite of China was up 0.9 per cent. 

Overnight, US stocks ended flat as concerns about the global economy weighed on sentiment. The Dow Jones industrial average gained 9.72 points to 17,158.66. The S&P 500 rose 0.2 percent to 2,016.71 and the Nasdaq Composite lost 0.2 percent, to 4,891.43. Crude oil prices fell on concerns about the pace of growth in China, the world's second-largest oil consumer.

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