Oct 17, 2016 01:01 PM IST IST | Source: Moneycontrol.com

Nifty breaks 8550, Sensex under pressure; HDFC twins drag

HDFC Bank, HDFC, Asian Paints, Mahindra & Mahindra, Bharti Airtel, L&T and Adani Ports were down 1-2 percent whereas ICICI Bank remained top loser, up nearly 7 percent followed by Axis Bank, SBI, NTPC and HUL.

Moneycontrol Bureau

12:59 pm Market Update:
Equity benchmarks extended fall in afternoon trade with the Sensex down 135.95 points at 27537.65 and the Nifty down 58.75 points at 8524.65.

12:35 pm Europe opens:
European markets opened lower with the dollar holding firm near a seven-month high after comments from Federal Reserve Chair Janet Yellen, as investors remain cautious ahead of earnings, key data and a European Central Bank (ECB) meeting later this week.

The pan-European STOXX 600 was down 0.31 percent with all major bourses in negative territory.

European stocks followed the cautious tone set in Asia as traders mull future policy decisions by major central banks.

In a speech on Friday, Yellen said policymakers might want to consider the benefits of a "high pressure economy" and let inflation continue to rise.

12:15 pm Buzzing:
Prozone Intu Properties shares were locked at 20 percent upper circuit after ace investor Radhakishan Damani picked up over a percent stake in the company.

Rakesh Jhunjhunwala's guru Radhakishan S Damani has bought 19.7 lakh equity shares (representing 1.29 percent stake) of the company during July-September quarter.

Rakesh Jhunjhunwala also held 2.06 percent stake in the Mumbai-based real estate development and leasing company, as per the latest shareholding pattern available on the exchange.

Big institutions like Acacia Partners, Cavendish Asset Management, Nailsfield etc have 8.37 percent shareholding in the company that currently has zero debt and cash of Rs 50-60 crore on its books.

As of March 2016, promoters and UK-based Intu Properties Plc held 33.46 percent and 32.38 percent stake in the company.

Also read - Buy, sell, hold: 8 stocks to watch out as Q2 earnings start

12:00 pm Market Check

Benchmark indices slipped into red in noon trade with the Nifty breaking 8550 level, dragged by HDFC group stocks. The broader markets also erased gains.

The 30-share BSE Sensex was down 52.88 points at 27620.72 and the 50-share NSE Nifty fell 35.45 points to 8547.95 while the market breadth remained positive. About 1355 shares advanced against 1138 declining shares on the BSE.

Sanjay Dutt of Quantum Securities said that the equities market could see much lows due to the recent sell-off trend in emerging markets and Nifty may see a 200-300 points fall.

HDFC Bank, HDFC, Asian Paints, Mahindra & Mahindra, Bharti Airtel, L&T and Adani Ports were down 1-2 percent whereas ICICI Bank remained top loser, up nearly 7 percent followed by Axis Bank, SBI, NTPC and HUL.

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