Wednesday 9 September 2015

Nifty below 7700, Sensex tanks over 400 pts; SBI falls 3% -- 10 Sep 2015

Hindalco, Vedanta, ONGC, BHEL and SBI are major losers while there is no green stock in the Sensex.

                                           
The Sensex is down 429.20 points or 1.7 percent at 25290.38, and the Nifty down 125.25 points or 1.6 percent at 7693.35. About 149 shares have advanced, 923 shares declined, and 19 shares are unchanged.The market has opened with a sharp loss following weak global markets. The Sensex is down 335.92 points or 1.3 percent at 25383.66 and the Nifty is down 106.55 points or 1.4 percent at 7712.05. About 129 shares have advanced, 692 shares declined, and 24 shares are unchanged. Hindalco, Vedanta, ONGC, BHEL and SBI are major losers while there is no green stock in the Sensex. The Indian rupee gave up yesterday's gain. The currency has opened lower by 31 paise at 66.72 per dollar on Thursday against previous day's close of 66.41. Mohan Shenoi of Kotak Mahindra Bank said, "The 'risk-on' rally of the last few days has lost momentum and the market has slipped back to 'risk-off' sentiment. Consequently, dollar was weak against other major currencies like euro and yen." "With Reserve Bank of India (RBI) presence on both sides of the market, the USD-INR is expected to trade today in a range of 66.30-66.70/dollar," he added. Dollar remained steady ahead of US Fed's next policy statement on September 17 for clues on the timing of a US interest rate rise. Asian shares declined, as investors digest the data releases that could provide a gauge on the state of China's economy. China's consumer price index (CPI) rose 2 percent in August from a year earlier, beating expectations for a 1.8 percent gain and up from 1.6 percent in July. Major US averages ended the day down more than 1 percent, failing to extend a rally in global markets on the back of selling pressure in Apple and energy-related counters. The blue-chip Dow and the S&P 500 lost 1.45 and 1.35 percent, respectively, while the Nasdaq Composite closed down 1.15 percent.

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