Moneycontrol Bureau3:30 pm Market closing: The market ended at three-week low. The Sensex was down 174.01 points or 0.7 percent at 25406.33 and the Nifty slipped 46.40 points or 0.6 percent at 7741.00. About 1412 shares have advanced, 1505 shares declined, and 109 shares are unchanged.
Reliance, Cipla, TCS, HDFC Bank and Coal India were top gainers while Hindalco, ITC, Tata Motors, ICICI Bank and ONGC were losers in the Sensex.
3:05 pm Market Update: The market remained under pressure. The Sensex fell 126.68 points to 25453.66 and the Nifty declined 35.50 points to 7751.90.
The broader markets also declined marginally with the BSE Midcap and Smallcap indices falling 0.3 percent.2:50 pm Market Expert: Talking on sudden weakness in market, Jagdish Malkani, Member of NSE says it could be a sentiment impact because of jittery world markets; Europe has opened weak and on macro side although things have been good so far but some noises from government that the fiscal deficit would be allowed to slip could have caused some heartburn.
According to Bruno Verstraete of Lakefield Partners, maybe the markets were taken by surprise with geopolitical events which is concerning given the weak economic growth in Europe and the interest rate cycle which is on the upside in US. So a combination of weak economic growth and cautious outlook on consumers makes it tricky trading at this point.
2:40 pm Gold at 3-week high: Continuing its rising streak for third straight day, gold prices added another Rs 60 to hit over three-week high of Rs 25,900 per 10 grams at the bullion market today, tracking a firming global trend amid pick up in buying by jewellers.Silver followed suit and advanced by Rs 50 to Rs 33,750 per kg due to increased offtake from industrial units and coin-makers. Bullion traders said a firming global trend as investors eyed Federal Reserve minutes to be released later in the day, mainly buoyed the sentiment here.
2:20 pm Movers & Shakers: ITC, ICICI Bank, Tata Motors, ONGC, Tata Steel and Hindalco Industries were biggest losers on Sensex, down 2-3.5 percent followed by Infosys, L&T, Maruti Suzuki, HDFC and SBI.
More than 1.6 percent upside in Reliance Industries limited downside in the market. TCS, HDFC Bank, Cipla and Bharti Airtel gained 0.2-1 percent.
In midcap space, Torrent Power, HMT, Monsanto India, SRF and KRBL rallied 5-13 percent while Parsvnath, Punj Lloyd, India Cements, PTC India and Suzlon Energy fell 3-5 percent.Also read - Prolonged slowdown: CRISIL sees 2% topline growth in Q32:00 pm Market Check
Equity benchmarks extended losses in afternoon trade following sharp correction in European peers after crude oil prices hit multi-year lows. The Sensex fell 162.44 points to 25417.90 and the Nifty declined 47.60 points to 7739.80.
European markets opened lower as geopolitical risks posed by North Korea's latest nuclear test and geopolitical tensions in the Middle East increase uncertainty. FTSE, CAC and DAX fell around a percent.
North Korea announced the test following reports of a 5.1 magnitude earthquake near a nuclear testing site in the politically-isolated country. North Korea's state-owned television station later confirmed that the country had conducted a test and said that it won't give up nuclear capability unless U.S. drops its hostile foreign policy towards the country.
Oil prices gave up gains, hitting 11-year low. Brent crude was trading at 35.7 a barrel (the lowest level since July 2004), down 1.7 percent.
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