The market turned negative for the 2016 after the Nifty broke 8000 level for the first time since November 25, down 68.15 points to 7993.15.
10:40 am Market Update: The market turned negative for the 2016 after the Nifty broke 8000 level for the first time since November 25, down 68.15 points to 7993.15.
The Sensex was down 206.77 points at 26035.61. About 1538 shares declined against 466 advancing shares on the BSE.
10:35 am New scheme to scrap CV: Sources tell CNBC-TV18 that the government is proposing a scheme where owners of commercial vehicles of over 15 years old should be given a chance to scrap their vehicles. The government is preparing a final note to be sent to the committee of secretaries regarding this move.
A part of the scheme envisages original equipment manufacturers giving incentives to owners who are keen to scrap their over 15-year-old vehicles. Once a final policy is thrashed out and introduced, the voluntary scheme will be rolled back.
10:20 am Market Expert: The recent fall in equity markets has made SIP an attractive investment opportunity but there are lots of events lined up in the first half – Demonetisation impact, Union Budget, earnings, how US pans out etc, Ashish Somaiyaa, MD & CEO, Motilal Oswal AMC says.
Demonetisation could lead to a shift from unorganised market to organised market.
Talking about consumption as a theme he said although luxury market will take a hit due to demonetisation, non-discretionary spending will be back in the next 6-8 months.
People will prefer to invest in equities now, believes Somaiya.
Also read - Buy, sell, hold: 2 stocks & 2 sectors to focus as market weak
10:00 am Market Check
Benchmark indices extended losses in morning trade with the Sensex falling nearly 200 points, weighed by banking & financials, technology, infra and oil stocks.
The broader markets underperformed benchmarks with the BSE Midcap and Smallcap indices losing 0.9 percent and 0.8 percent, respectively on weak breadth. About three shares declined for every share rising on the exchange.
The 30-share BSE Sensex was down 180.65 points at 26061.73 and the 50-share NSE Nifty fell 58.25 points to 8003.05.
Fall in global peers also weighed on sentiment. Asian shares lost ground amid thinner pre-holiday trade, after the Dow failed to reach the 20,000 mark overnight.
Leading markets like Japan's Nikkei, China's Shanghai and Hong Kong's Hang Seng were down 0.2-0.9 percent.
HDFC, HDFC Bank, L&T, TCS and Axis Bank were top five contributors to Sensex's fall, down 0.5-1.7 percent followed by SBI, Adani Ports, ICICI Bank and Maruti.
However, Hindustan Unilever, Sun Pharma, Hero Motocorp, Tata Motors and Bajaj Auto bucked the trend.
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