Moneycontrol
Sep 09, 2016 11:00 AM IST | Source: Moneycontrol.com

Nifty breaks 8900, Sensex sheds over 200 pts; HDFC, ICICI drag

The broader markets also traded in line with benchmarks with the BSE Midcap and Smallcap indices losing 0.7 percent each. About 1167 shares declined against 828 advancing shares on the exchange.


Moneycontrol Bureau

10:40 am Interview:
State-owned oil marketing company Hindustan Petroleum Corporation (HPCL) is looking to strengthen its retail and refining infrastructure as it believes that business expansion will help the company improve its margins by USD 2-3 billion.


In an interview with CNBC-TV18, MK Surana, CMD of HPCL said that it will bring in better operational efficiency to improve its gross refining margins (GRMs) going ahead and will maintain GRMs if there is an upward stability in crude.


On the capex front he said that the company has earmarked Rs 20,900 crore for its Visakhapatnam refinery expansion and plans to add another 500 outlets this year.

10:20 am FII View:
Mahesh Nandurkar of CLSA said global liquidity would continue to play a major role in market valuations and a rate hike by the Fed later this month was a risk.


In model portfolio, the brokerage house remained heavily overweight on financials, largely in private banks including HDFC, HDFC Bank, IndusInd Bank, ICICI Bank and Bank Of Baroda among PSUs.


Other large overweights are Power Grid, Reliance Industries, oil marketing companies, HCL Technologies, ITC and Ambuja Cements, he said, adding the brokerage house added IndiGo as a discretionary consumption play.

Also read - ICICI Pru Life IPO to open on Sep 19, price band at Rs 300-334/sh

10:00 am Market check:
Equity benchmarks extended losses in morning trade with the Nifty falling below psychological 8900 level, dragged by banking & financials, auto and FMCG stocks.


The 30-share BSE Sensex slipped 221.81 points to 28823.47 and the 50-share NSE Nifty lost 74.50 points to 8878.


The broader markets also traded in line with benchmarks with the BSE Midcap and Smallcap indices losing 0.7 percent each. About 1167 shares declined against 828 advancing shares on the exchange.

HDFC, ITC, ICICI Bank, Tata Motors and Axis Bank were top contributors to Sensex's fall, down 1.5-2 percent whereas TCS, ONGC, Reliance Industries, Wipro and Dr Reddy's Labs bucked the trend.

Sections
Follow us on
Available On