Monday, 22 August 2016

Sensex Down Over 100 Points

Sensex Down Over 100 Points; Sun Pharma, Lupin Drag  
11.36 a.m.: Sun Pharma led selloff in pharma stocks, it was down 2.3 per cent at Rs 765.85. The pharma  sub-index of National Stock Exchange was down 1.05 per cent. Lupin , Auro Pharma were the other two big losers in the index. Meanwhile the Sensex was down 136 points at 27,941 and the Nifty traded 46 points lower at 8,621. The rupee was at 67.19, down 13 paise against the dollar.

10.40 a.m.: Sensex fell 134 points to 27,943 after selling intensified in metal and auto shares. The Nifty traded 46 points lower at 8,621. Hindalco, Sun Pharma, Lupin, Bank of Baroda were the prominent losers in the Nifty, down 1.5-2 per cent.  
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10.10 a.m.: Selling in auto, metal and banking shares dragged frontline indices lower. The Sensex was down 65 points at 28,012 while the Nifty50 index traded 25 points lower at 8,642.  

10.05 a.m.: Fortis Malar Hospital shares surged 20 per cent to Rs 68.50 after its parent Fortis Healthcare announced demerger of diagnostic business with itself.

9:30 p.m.: Welspun India slumps 20 per cent after Bloomberg reported that Target Corp is ending all business with the company, "after saying the supplier was sending it phony Egyptian cotton sheets".  

9:25 p.m.: Sensex overcame a weak start to move higher with FMCG and energy stocks edging higher in early trade. Sensex up over 50 points while Nifty rises to 8,685 at day's high. The BSE Sensex and Nifty are likely to open flat on Monday as indicated by SGX Nifty (Nifty futures trading on Singapore Stock Exchange), which was up 11 points at 8,699 as of 8.10 a.m.  

The government on Saturday appointed Urjit Patel, current Deputy Governor at Reserve Bank of India, as the new Governor who will replace outgoing Governor Raghuram Rajan. Mr Patel's appointment as Reserve Bank Governor should lead to a rally in stock markets, said most of the analysts as it signals the continuity of monetary policy, which is focused on curbing inflation.

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