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Benchmark share indices failed to extend gains on Wednesday, amid weak European cues, as the continued uncertainty over China's economic growth weighed on investor sentiment. Further, traders were seen squaring off positions ahead of the August F&O expiry tomorrow.
The 30-share Sensex ended down 326 points at 25,707 and the 50-share Nifty ended down 91 points at 7,790.
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(Updated at 3:15PM)
After a dismal opening, markets witnessed a volatile trading session with Sensex trading below the crucial level of 28,000 weighed down by financials and capital goods shares as weakness in the European and US peers amid Chinese economic slowdown failed to calm the nerves of the investors.
The 30-share Sensex ended down 326 points at 25,707 and the 50-share Nifty ended down 91 points at 7,790.
______________________
(Updated at 3:15PM)
After a dismal opening, markets witnessed a volatile trading session with Sensex trading below the crucial level of 28,000 weighed down by financials and capital goods shares as weakness in the European and US peers amid Chinese economic slowdown failed to calm the nerves of the investors.
The market remained volatile as traders roll over their positions in the futures & options (F&O) segment from the near month August series to September.
At 3:15 PM, the Sensex was at 25,686, down by 348 points and the Nifty was at 7,784, down 96 points. The midcap index is down 0.2% and the smallcap index has added 0.4%. The market breadth is firm, with 1,324 gainers and 1,240 declines on the BSE.
STOCK TRENDS
On the sectoral front, BSE Bankex and Capital Goods indices are trading lower up to 1%. However, BSE Power, Metal and Oil & Gas indices are trading higher up to 1%.
Car maker Tata Motors is the top gainer and has surged over 3% after Asian stocks snapped an eight-day losing streak and the yen declined after China cut interest rates for the fifth time since November.
Mahindra and Mahindra has dropped 3% after the company said it plans to invest Rs.700 crore in the commercial vehicle (CV) vertical as it aims to become a full range player in the segment in the next two years.
Reliance Industries Ltd (RIL) is set for its biggest two-day gain in more than two months. The stock jumps as much as 2.6%, extending Tuesday’s 2.2% advance. The stock is up 2%.
Indian Oil Corp. Ltd (IOC) is trading with marginal gains after the company said in a notice to BSE that it has singed a pact with Nepal Oil Corporation for construction of 1.3 MMTPA capacity Raxaul-Amlekhgunj Petroleum product pipeline alongwith some works at Amlekhganj Petroleum Depot of NOC.
Lupin which gained in the morning trades after the pharma major received approval from the US Food & Drug Administration for anti-inflammatory drug Diclofenac Sodium has slipped in red on profit booking.
FMCG majors ITC and HUL are trading lower by 1.5% and 0.5% each after IMD reported that the country as a whole, cumulative rainfall during this year's monsoon season was 11% below the Long Period Average (LPA) until 25 August 2015.
Financials took a hit in today’s trade with SBI, HDFC twins, ICICI Bank and Axis Bank have lost 0.1-2.5% amid slowdown in the Chinese economy.
