Nifty ends below 8550, Sensex tanks 144 pts; ICICI jumps 7%

IOC, ICICI Bank, Force Motors, ITC, SBI, Infosys, Axis Bank and Nilkamal were the most active shares on exchanges.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney master your money IThe Winning Leap SME Special
Moneycontrol

Home » News » Markets » Local Markets

Oct 17, 2016, 03.42 PM | Source: Moneycontrol.com

Nifty ends below 8550, Sensex tanks 144 pts; ICICI jumps 7%

IOC, ICICI Bank, Force Motors, ITC, SBI, Infosys, Axis Bank and Nilkamal were the most active shares on exchanges.

Like this story, share it with millions of investors on M3

Nifty ends below 8550, Sensex tanks 144 pts; ICICI jumps 7%

IOC, ICICI Bank, Force Motors, ITC, SBI, Infosys, Axis Bank and Nilkamal were the most active shares on exchanges.

Post Your Comments

Share Cancel

14:00
Moneycontrol Bureau

3:30 pm Market closing:
The market has ended lower on weak global markets. The Sensex is down 143.63 points or 0.5 percent at 27529.97, and the Nifty down 63 points or 0.7 percent at 8520.40. About 1307 shares have advanced, 1500 shares declined, and 172 shares are unchanged.

ICICI Bank, NTPC, HUL, ONGC and TCS were top gainers while M&M, Asain Paints, Bajaj Auto, Hero MotoCorp and Reliance were losers in the Sensex.

3:10 FII view: Jagdish Malkani, member of NSE believes the market is still on its bull run. “Bull market is still alive and well,” he told CNBC-TV18. Another 100 points could fall or add to the Nifty, but its trend has not changed yet.

Malkani believes that unless anything major happens globally, the market is likely to
continue its upward movement.

Prakash Gaba says that 8550-8580 is a psychological safe range. He advises shorting names like Hindalco, Bank of Baroda and Reliance Capital in the current scenario.

2:58 pm Pressure continues: Benchmark indices fell further in last hour of trade. The Sensex was down 163.32 points to 27510.28 and the Nifty declined 72.40 points to 8511.

2:40 pm Earnings: 
UltraTech Cement has registered a 31.5 percent growth year-on-year in standalone profit at Rs 601 crore for the quarter ended September 2016, driven by other income and operational performance despite degrowth in revenue and higher tax expenses.

Revenue declined 2.2 percent to Rs 6,195.7 crore during the quarter compared with Rs 6,338.2 crore in corresponding period of last fiscal.

Operating profit jumped 17.6 percent year-on-year to Rs 1,154.9 crore and margin expanded by 310 basis points to 18.6 percent in July-September quarter due to fall in freight & forwarding expenses (down 5.4 percent), power & fuel cost (down 17 percent) and raw material cost (down 8.5 percent).

2:30 pm Interview:
After striking the deal to sell its oil refinery to Russia's Rosneft and partners for USD 12.9 billion, the debt-laden Essar Group has said it is not exiting the oil and gas business and the sale has helped to deleverage half of the Rs 88,000 crore debt at the holding company level.

Essar signed agreements on Saturday to sell 49 percent in the 20 million tons a year Vadinar refinery in Gujarat, the adjacent port and over 2,700 petrol pumps to world's largest listed oil company.

Netherlands-based Trafigura Group Pte, one of the world's biggest commodity trading companies, and Russian investment fund United Capital Partners split another 49 percent equity.

"We plan to utilise proceeds from the stake sale to deleverage the Group and pave the way for strategic consolidation and growth in other businesses. Deal will help Essar deleverage almost 50 percent of its Rs 88,000 crore debt and substantially reduce interest costs," Essar Group Director Prashant Ruia told PTI an interview here.

2:20 pm Anti-dumping duty:
Government has initiated a dumping probe on imports of a chemical used in foam industry from three countries including China to guard domestic players from below-cost inbound shipments.

The investigation was started following a complaint from Gujarat Narmada Valley Fertilisers and Chemicals.

The Directorate General of Anti-Dumping and Allied Duties (DGAD), under the commerce ministry, has started the anti- dumping investigation concerning imports of "Toluene DiIsocyanate (TDI)" originating in or exported from China, Japan and Korea.

In a notification, DGAD has said that there is sufficient prima facie evidence that the normal value of the chemical in these countries is significantly higher than the ex-factory export price.

It indicates "prima facie, that the subject goods are being dumped into the Indian market by the exporters" from the three countries, it added.

Also read - ICICI Bank up 7% on loan reduction hopes post Essar-Rosneft deal

2:00 pm Market Check: The selling pressure continued in afternoon trade with the Nifty struggling below 8550 level, weighed by index heavyweights HDFC, HDFC Bank, Reliance Industries, L&T.

The 30-share BSE Sensex slipped 111.62 points to 27561.98 and the 50-share NSE Nifty dropped 54.20 points to 8529.20. The market breadth also turned negative as about 1393 shares declined against 1297 advancing shares on the BSE.

The fall in European peers also hit market sentiment. European markets were lower as investors remained cautious ahead of earnings, key data and a European Central Bank (ECB) meeting later this week. France's CAC, Germany's DAX and Britain's FTSE were down 0.4-0.6 percent.

IOC, ICICI Bank, Force Motors, ITC, SBI, Infosys, Axis Bank and Nilkamal were the most active shares on exchanges.

13:00
ICICI Bank, NTPC, Coal India, Axis Bank and SBI are top gainers while M&M, Bharti, Hero, HDFC Bank and Asian Paints are losers in the Sensex.

Read More »

12:00
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.

Read More »

11:16
Banks stocks like Axis Bank, ICICI and SBI are gaining on Essar oil deal. Essar Oil deal may directly benefit ICICI Bank's exposure. ICICI's 'watchlist loans' portfolio stands at around Rs 38723 crore.

Read More »

10:00
ICICI Bank extended rally to 5.5 percent on hopes of repayment of loan from Essar Oil. The deal with Russia's Rosneft will help Essar substantially reduce interest costs and debt.

Read More »

09:15
ICICI Bank, NTPC, Infosys, SBI and GAIL are top gainers while Reliance, Bajaj Auto, TCS and HDFC are losers in the Sensex.

Read More »

Buy, Hold, Sell ? Hear it first on M3
Nifty ends below 8550, Sensex tanks 144 pts; ICICI jumps 7%

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login