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Sensex Drops Over 250 Points From Day's High, Nifty Near 11,000: 10 Things To Know

Analysts say that hopes of market-friendly measures by the government may drive some gains in the near term.

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Sensex Drops Over 250 Points From Day's High, Nifty Near 11,000: 10 Things To Know

Financial, metal and consumer goods stocks were the most hit

Domestic stock markets gave up early gains on Tuesday amid a selloff across sectors barring the information technology shares. In the opening deals, the S&P BSE Sensex rose as much as 109 points to move above 37,500, but soon erased gains owing to weakness in heavyweights like ICICI Bank, Reliance Industries, ITC and IndusInd bank. Meanwhile, the broader Nifty 50 Index briefly fell below important psychological level of 11,000 and was hovering around those levels.
Here are 10 things to know:
  1. At 11:31 am, the Sensex traded 126 points - or 0.34 per cent - lower at 37,277, while the Nifty was down 50 points - or 0.45 per cent - at 11,004. Financial, metal and consumer goods stocks were the most hit, whereas IT stocks bucked the trend.
  2. Top percentage laggards on the 50-scrip index at the time were Yes Bank, Indiabulls Housing Finance, IndusInd Bank, Britannia, Bajaj Finance, ICICI Bank, UltraTech Cement and ITC, trading between 1.79 per cent and 4.89 per cent lower. 
  3. On the other hand, Infosys, Wipro, TCS and Dr Reddy's - wer up between 0.77 per cent and 2.36 per cent - were the top gainers.
  4. Market breadth favoured declines, with 623 stocks rising on the BSE and 1,041 struggling with losses. On the NSE, 514 stocks advanced while 1,093 declined.
  5. ICICI Bank, ITC and Reliance Industries were the top drags on the Sensex.
  6. Analysts say fresh concerns about the slowdown hurt investors' sentiment. “The markets witnessed a technical bounce-back in the past few sessions. News of financial irregularities in CG Power and Industrial Solutions has triggered fresh concerns among investors. Banking and non-banking financial companies' businesses are already facing a slowdown,” said Jaikishan Parmar, senior equity research analyst-BFSI, Angel Broking. 
  7. “A lot of mutual funds have stakes in CG Power. This development brings back concerns about a contagion effect spreading to other sectors,” he added. 
  8. Vodafone Idea shares fell as much as 3.17 per cent in early deals, a day after the telecom company said Balesh Sharma stepped down as chief executive officer due to personal reasons. The company's board approved the appointment of Ravinder Takkar as its managing director and CEO for a period of three years.
  9. Equities in other Asian markets extended gains amid hopes for stimulus in major economies, with MSCI's broadest index of Asia-Pacific shares outside Japan rising 0.31 per cent. Japan's Nikkei rose 0.45 per cent. The improved mood was helped by a rally on Wall Street overnight, with the S&P 500 gaining 1.21 per cent.
  10. The Sensex and Nifty had ended 0.14 per cent and 0.06 per cent higher respectively on Monday, extending recent gains to a third straight day.

(With inputs from Reuters)





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