Sensex down 284 points as selling continues; Market breadth very weak

Last Updated: Thu, Oct 13, 2016 12:28 hrs
Share markets

Due to sustained selling at several counters, the market, which opened notably lower on weak global cues, continues to languish deep down in negative territory around noon.

The Sensex is down 284.36 points or 1.01% at 27,797.98, slightly off the day's low of 27,780.70. The Nifty50 of the National Stock Exchange is down 88.70 points or 1.02% at 8620.10.

The rupee is trading at 66.84 against the U.S. dollar, down nearly 0.5% from its previous close.

Among the sectoral indices on BSE, only Oil & Gas (up 0.2%) and IT (up marginally) are in positive territory now.

Realty, Bankex, Auto, Metal and Power indices are down 1% - 2.2%. FMCG, Healthcare, Telecom and Capital Goods indices are also notably lower.

With several stocks from midcap and smallcap segments drifting lower, the BSE Midcap and Smallcap indices are down 1.2% and 1.1%, respectively. The market breadth is weak, with losers outscoring gainers by 2 to 1 on BSE.

Tata Motors, Adani Ports, HDFC and ICICI Bank are down 2.7% - 3.4%. State Bank of India, Reliance Industries, NTPC, Tata Consultancy Services, HDFC Bank, Sun Pharmaceutical Industries, Lupin, Power Grid Corporation, Coal India, Axis Bank and Bajaj Auto are trading lower by 1% - 2%.

Bank of Baroda, down 3.2%, is the most prominent loser in the Nifty index. Zee Entertainment Enterprises, Hindalco, Tata Motor DVR, Aurobindo Pharma, Idea Cellular, Grasim Industries, Tata Power and Ambuja Cements are declining 1.6% - 3%.

Blue Dart Express is down 3.3% on weak results. The company reported a 20.7% decline in net profit to Rs 42.80 crore for the quarter ended September 2016, compared to the year-ago quarter. Net sales rose marginally by 1.6%.

KEC International is up nearly 2% after the company announced that its transmission & distribution business secured orders of Rs 859 crore in India, Africa and the U.S.

IL&FS Engineering and Construction Company Limited shares are up sharply after the company announced that it bagged Rs 162.58 crore pipeline laying contract.

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