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BSE Sensex loses 180 pts; Bank Nifty falls 2%, BHEL up 3%

Nilesh Shah, MD & CEO, Envision Capital says in an interview to CNBC-TV18, "It looks like there is some kind of value buying which is emerging below the 6000 levels and that is primarily because the dollar side of the market is actually turning very benign."

November 26, 2013 / 04:02 PM IST

Moneycontrol Bureau
Live Market Commentary


3:50 pm Market closing: The rally fuelled by Iran nuke deal came to a grinding halt. The Sensex ends down 180.06 points at 20425.02, and the Nifty ends at 6059.10, down 56.25 points.


Bank, oil and realty stocks lead the decline. About 1047 shares advanced, 1449 shares declined, and 137 shares were unchanged.


3:40 pm Commodity check: Oil held near USD 111 a barrel on Tuesday as investors judged the historic deal between Iran and world powers would bring no immediate increase in crude oil supplies from the OPEC member, reports Reuters.


The deal halts Iran's most sensitive nuclear activity and suspends some sanctions by the West, but caps Iran's exports at the current level of about 1 million barrels per day (bpd).


3:30 pm RBI norms: The Reserve Bank of India on Tuesday allowed banks to treat loans given to medium manufacturing enterprises after November 13 as priority sector advance, in its efforts to provide enhanced liquidity support to the medium and small enterprises.


The RBI also allowed incremental bank loans to medium services enterprises extended after November 13 to up to Rs 10 crore and raised the loan limit given to micro and small service enterprises to Rs 10 crore from Rs 5 crore that will be treated as priority sector advance.


Don't miss: Neutral view on USL with target price at Rs 2,500/sh, says CIMB 


The market is reeling under selling pressure with the Nifty unable to budge above 6100. The Sensex is down 165.30 points at 20439.78, and the Nifty is down 53.50 points at 6061.85.  About 991 shares have advanced, 1392 shares declined, and 135 shares are unchanged.


Nilesh Shah, MD & CEO, Envision Capital says in an interview to CNBC-TV18, "It looks like there is some kind of value buying which is emerging below the 6000 levels and that is primarily because the dollar side of the market is actually turning very benign."


Banking stocks are dragging the market. Bank Nifty is down over 1 percent while auto stocks are firm led by Tata Motors and Hero Motocorp. Other gaienrs in the Sensex are BHEL, HUL and Sesa Sterlite. On the losing side are ICICI Bank, Coal India. Bharti Airtel, ITC and HDFC.


Diageo's proposal to sell a bulk of Whyte & Mackay business to secure regulatory clearance for its acquisition of United Spirits (USL) gets thumbs up from brokerages. They feel the sale could result in a sharp fall in USL's debt. However, several block deals keep the USL stock under pressure

 

first published: Nov 26, 2013 03:00 pm

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