 "Sensex slumps over 100 points; Index heavyweights drag")
Markets continued their southward journey in the post noon trades owing to the weakness in FMCG shares. The selling pressure exerted by select index heavyweights such as ITC, Tata Motors, Reliance Industries has also dragged markets lower.
At 1pm, the Sensex was down 104 points at 25,529 while the Nifty was at 7,762, down by 19 points.
The top losers on the Sensex are Reliance Industries, NTPC, ONGC, Coal India, and ITC, all down between 1-6%
--------------------------------------------
(updated 12 noon)
Benchmark indices continues to struggle in today’s as selling pressure in the index heavyweights is dragging the markets lower. However, the gains in the select pharma shares have capped the downside.
By noon, the markets are showing a divergent trend with Sensex down by 42 points at 25,595 and the Nifty up by 2 points at 7,783. The broader markets are, however, outperforming their larger peers with BSE Midcap and Smallcap indices up between 0.1-0.4% each
Meanwhile, the market participants are hopeful to see the GST bill sail through this winter session of the Parliament after CEA led committee has proposed amendments to end the deadlock over the crucial bill.
Meanwhile, rupee recovered slightly in today’s trades to quote at 66.62, appreciating by 8 paise, after it slumped to its 2-year low on Friday.
BUZZING STOCKS
Sun Pharma continues to remain the steller performer in today’s subdued market. The stock has gained nearly 3%, extending its Friday’s 4% gain after the company announced that one of its subsidiaries has received final approval from the US Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) for generic version of Gleevec, Imatinib Mesylate tablets 100mg and 400mg.
Shares of logistics companies have also advanced today as they would directly benefit if the GST bill gets passed in the Parliament. Aegis Logistics (2%), Blue Dart (1%), Gati (1.3%) have all gained on the Sensex.
Tata Steel is believed to nearing a deal to sell-off one of its UK steel plants, according to PTI report. The company is likely to cut 720 jobs at one of its UK plants after talks to save redundancies failed. Shares of Tata Steel have gained 0.6%.
Meanwhile, ITC continues to reel under pressure. The stock has slumped 4% after CEA led committee has proposed heavy taxation on tobacco industry in GST bill. Godfrey Phillip, VST industries have slipped by 4% each.
Tata Motors, Reliance Industries, ONGC, and Coal India are other notable companies that are down between 1-3% each
Among other stocks, GMR Infra has gained 6.5% after GMR group announced that it is looking for strategic investors in its energy holding company and power projects, undertaken through the special purpose vehicle route.
Godrej Properties has soared 2% after the real estate group announced that it was able to sell 300 apartments of one of its projects in suburban Mumbai within a week.
RCom has slipped by almost 1%. The company has signed a non-binding agreement with private equity firms TPG Asia and Tillman Global Holdings to sell its telecom towers and related infrastructure.
Tata Sons, the promoter of major operating companies of the Tata group, will acquire additional 0.22% stake in Titan Company at an estimated price of over Rs 66 crore, taking its total holding to 19.80%. Titan Company is up 0.3%.
At 1pm, the Sensex was down 104 points at 25,529 while the Nifty was at 7,762, down by 19 points.
The top losers on the Sensex are Reliance Industries, NTPC, ONGC, Coal India, and ITC, all down between 1-6%
Also Read
(updated 12 noon)
Benchmark indices continues to struggle in today’s as selling pressure in the index heavyweights is dragging the markets lower. However, the gains in the select pharma shares have capped the downside.
By noon, the markets are showing a divergent trend with Sensex down by 42 points at 25,595 and the Nifty up by 2 points at 7,783. The broader markets are, however, outperforming their larger peers with BSE Midcap and Smallcap indices up between 0.1-0.4% each
Meanwhile, the market participants are hopeful to see the GST bill sail through this winter session of the Parliament after CEA led committee has proposed amendments to end the deadlock over the crucial bill.
Meanwhile, rupee recovered slightly in today’s trades to quote at 66.62, appreciating by 8 paise, after it slumped to its 2-year low on Friday.
BUZZING STOCKS
Sun Pharma continues to remain the steller performer in today’s subdued market. The stock has gained nearly 3%, extending its Friday’s 4% gain after the company announced that one of its subsidiaries has received final approval from the US Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) for generic version of Gleevec, Imatinib Mesylate tablets 100mg and 400mg.
Shares of logistics companies have also advanced today as they would directly benefit if the GST bill gets passed in the Parliament. Aegis Logistics (2%), Blue Dart (1%), Gati (1.3%) have all gained on the Sensex.
Tata Steel is believed to nearing a deal to sell-off one of its UK steel plants, according to PTI report. The company is likely to cut 720 jobs at one of its UK plants after talks to save redundancies failed. Shares of Tata Steel have gained 0.6%.
Meanwhile, ITC continues to reel under pressure. The stock has slumped 4% after CEA led committee has proposed heavy taxation on tobacco industry in GST bill. Godfrey Phillip, VST industries have slipped by 4% each.
Tata Motors, Reliance Industries, ONGC, and Coal India are other notable companies that are down between 1-3% each
Among other stocks, GMR Infra has gained 6.5% after GMR group announced that it is looking for strategic investors in its energy holding company and power projects, undertaken through the special purpose vehicle route.
Godrej Properties has soared 2% after the real estate group announced that it was able to sell 300 apartments of one of its projects in suburban Mumbai within a week.
RCom has slipped by almost 1%. The company has signed a non-binding agreement with private equity firms TPG Asia and Tillman Global Holdings to sell its telecom towers and related infrastructure.
Tata Sons, the promoter of major operating companies of the Tata group, will acquire additional 0.22% stake in Titan Company at an estimated price of over Rs 66 crore, taking its total holding to 19.80%. Titan Company is up 0.3%.