Sensex down 166 points as selling continues
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Due to sustained selling at several counters, the market, which opened sharply lower this morning on weak global cues, continues to languish in negative territory.
Metal stocks are among the biggest losers. PSU, bank, realty and automobile stocks are also mostly down with notable losses. Power, oil and information technology stocks too are trading weak. Select capitaal goods, healthcare and FMCG stocks are trading higher.
The Sensex is down 166.10 points or 0.84% at 19,261.46. At 5827.40, the Nifty index of the National Stock Exchange is down 45.20 points or 0.77% from its previous close.
Coal India, trading ex-dividend, is down 5.6% at Rs 302, on reports reports that the government is planning to sell up to 10% of its holding in the world’s largest coal producer through the offer-for-sale route.
Sesa Goa (down 2.2%), Sterlite Industries (down 2.8%) and NMDC (down 3.3%) are also down sharply. Tata Steel, SAIL, Hindalco, Jindal Steel & Power and SAIL are trading lower by 1% - 1.8%.
Besides Coal India and NMDC, Nalco is among the most prominent losers in the PSU space. Nalco is currently trading at Rs 39 down 3.3% from its previous closing price following a poor response from investors for its share sale on Friday.
REC, Engineers India, Power Finance Corporation, BPCL, GAIL India, Oil India, Hindustan Petroleum Corporation, BHEL and NTPC are down 1% - 3%.
Among bank stocks, Axis Bank, ICICI Bank, IndusInd Bank, Yes Bank and Union Bank of India are down 1% - 2.5%. Punjab National Bank, State Bank of India, Canara Bank, Kotak Bank and Federal Bank are also trading notably lower.
Realty stocks Unitech, Sobha Developers, Anant Raj Industries, DLF, HDIL, Indiabulls Real Estate and Oberoi Realty are down 1% - 2.8%. Parsvnath Developers is bucking the trend and trading higher by around 0.8%.
Maruti Suzuki, Tata Power, Ambuja Cements, Reliance Infrastructure, IDFC, Ranbaxy Laboratories, Mahindra & Mahindra, Dr Reddy's Laboratories, Jaiprakash Associates, Tata Motors, ACC and Wipro are down 1% - 2.6%.
Cipla, Hindustan Unilever, Lupin, HCL Technologies, Sun Pharmaceutical Industries, Cairn India and Siemens are up 0.7% - 1.5%.
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