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Sensex falls China markets, derivatives expiry weigh

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Reuters MUMBAI

By Abhishek Vishnoi

MUMBAI (Reuters) - The BSE Sensex and Nifty were headed for a second day of declines after blue-chips such as Housing Development Finance Corp tracked lower Chinese shares and on caution ahead of monthly derivatives expiry due later in the day.

China's Shanghai Composite Index <.SSEC> lost 2.5 percent, to 2,957.43, dropping below 3,000 - a key support level - for the first time since Dec. 17, and raising concerns of further falls.

Lower rollovers in stock futures in the domestic market also weighed on sentiment, traders said. Derivatives contracts are due to expire at the end of the sesssion.

 

"Set aside China, in general there is no reason for pessimism on India," said Aneesh Srivastava, chief investment officer at IDBI Federal Life Insurance.

The Nifty fell 0.25 percent to 8,246.40, while the benchmark BSE Sensex lost 0.33 percent to 27,413, heading towards their second consecutive day of declines.

Blue-chips led the losers. Housing Development Finance Corp fell 1.1 percent while HDFC Bank lost 0.3 percent.

Dr.Reddy's Laboratories fell 1.1 percent after Health Canada said on Tuesday it would quarantine products from the company's Srikakulam plant.

Among gainers, cement shares rose after UltraTech Cement agreed to buy two cement plants from Jaiprakash Associates , raising hopes that consolidation in the sector would benefit pricing.

(Editing by Biju Dwarakanath)

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First Published: Dec 24 2014 | 12:29 PM IST

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