1. Sensex settles 30 points lower after falling over 200 points in intraday trade

Sensex settles 30 points lower after falling over 200 points in intraday trade

Sensex and Nifty ended weaker on Thursday after falling in the late morning session led by the profit booking in the blue-chip shares such as ICICI Bank and Reliance Industries.

By: | Updated: September 21, 2017 4:17 PM
The 30-share barometer Sensex lost 236 points in the intraday trade to mark a day’s low of 32,164.42 points. (Image: BSE)

Sensex and Nifty ended weaker on Thursday after falling in the late morning session led by the profit booking in the blue-chip shares such as ICICI Bank and Reliance Industries. BSE Sensex lost 30 points to settle at 32,370.04 points and NSE Nifty shaved off 19 points to finish at 10,121.9 points. The stocks of banks, media, real estate and FMCG posted worst decline today while pharma sector shares ended in green led by the rally in Dr Reddy’s, Cipla, Lupin, and Sun Pharma. The 30-share barometer Sensex lost 236 points in the intraday trade to mark a day’s low of 32,164.42 points.

Shares of Dr. Reddy’s Laboratories advanced 7.5% to close at Rs 2,486.5 on Thursday after the drugmaker received an EIR (Establishment Inspection Report) from the United States food and drug regulator for it’s Srikakulam plant. The stock of Dr. Reddy’s was the top gainer on Sensex and Nifty and hit its highest price since 31 July 2017. The research and brokerage firm Morgan Stanley also raised the rating to “overweight” from “equal-weight” and upgraded its target price to Rs 3,133 from Rs 2,798.

Other shares which also gained on Sensex include, Cipla (up 4.04%), Lupin (up 3.02%), Sun Pharma (up 2.59%), HDFC (up 1.37%), and TCS (up 1.34%) while Axis Bank (down 1.37%), Coal India (down 1.09%), ONGC (down 0.93%), State bank of India (down 0.76%), and Power Grid (down 0.75%) ended in the red. The stocks of the heavyweight companies such as ICICI Bank, Reliance Industries, ITC, HDFC Bank, Axis Bank, and L&T were the major contributors to the fall in the Sensex. Collectively these six stocks washed off about 112 points while HDFC, Dr Reddy’s, TCS, Sun Pharma, Cipla trimmed the losses.

The broader Nifty 50 closed down 0.19% at 10,121.90, while the benchmark Sensex ended 0.09% lower at 32,370.04 points. ICICI Bank fell as much as 2% to Rs 285 — its lowest since 11 August, making it the top drag on both indexes.

The US markets added further to close on new record highs after the Federal Reserve signaled it expects another interest rate hike by year-end and disclosed timing for reducing its balance sheet. The Fed left rates unchanged for now, as was widely anticipated, but investors’ expectations changed for December after the US central bank signaled one more rate hike by year-end despite recent weak inflation readings.

The Dow Jones Industrial Average rose 0.19% to end at 22,412.59 points, its seventh straight record close. The S&P 500 gained 0.06% to 2,508.24 points, clocking its sixth record closing high in the last seven sessions. The Nasdaq Composite dropped 0.08% to 6,456.04 points, with Apple Inc as its biggest drag.

  1. No Comments.

Go to Top