Sensex down 475 points as stocks lose further ground on weak global cues

Last Updated: Thu, Oct 13, 2016 14:32 hrs
Share markets

The market has plunged deeper into the red this afternoon, with a weak start in European markets and warnings by analysts from HSBC Holdings Plc and Citigroup Inc about about more downside for the U.S. markets, hurting sentiment.

A weaker rupee, weak trade data from China and fears of U.S. interest rate hike are among the other factors that are contributing to the sell-off in the market.

Also, with key inflation data and quarterly results from IT majors Tata Consultancy Services and Infosys due to be out today and tomorrow, investors appear extremely wary of picking up stocks even at lower levels.

The Sensex is down 474.99 points or 1.7% at 27,607.35. The Nifty50 is down 148.30 points or 1.7% at 8560.50.

In the currency market, the rupee is trading at 66.91 against the U.S. dollar down nearly 0.6% from its previous close.

Adani Ports, Tata Motors, HDFC, State Bank of India and Reliance Industries are down 3% - 4.5%. Lupin, Axis Bank, Hindustan Unilever, Sun Pharmaceutical Industries, Power Grid Corporation, Bharti Airtel, Coal India, Tata Consultancy Services, Tata Steel, Bajaj Auto, HDFC Bank and Larsen & Toubro are down 1% - 2.5%.

Bank of Baroda, Bank of India, DLF, Canara Bank, Reliance Capital, SAIL, Hindalco, Glenmark Pharmaceuticals, Zee Entertainment Enterprises, GMR Infrastructure, HDIL, Titan, Reliance Infrastructure, Aurobindo Pharma, Motherson Sumi Systems, JSW Steel, IDBI Bank and Idea Cellular are down 3.5% -  6%.

Bucking the trend, ONGC (1.7%) and Infosys (1.4%) are trading notably higher. Cipla and Hero Motocorp are up 0.8% and 0.5%, respectively. Wipro, Asian Paints and Tech Mahindra are up marginally.

Gruh Finance is trading higher after the company reported a near 20% jump in net profit to Rs 61.98 crore on 17.84% rise in total income to Rs 367.43 crore in the September 2016 quarter, over the year-ago quarter.

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