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Sensex, Nifty continue to fall; FMCG gains, pharma drags

Investors as well as traders are cautious on the market due to uncertainty over GST Bill and fears of likely hike in Fed rates.

December 09, 2015 / 13:09 IST
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Moneycontrol Bureau12:58 pm Market Update: Benchmark indices were little changed over the last half an hour of trade. The Sensex dropped 123.57 points or 0.49 percent to 25186.76 and the Nifty fell 38.85 points or 0.50 percent to 7662.85. About 535 shares have advanced, 1997 shares declined, and 140 shares are unchanged on the BSE.

Vedanta (-3 percent), Bharti Airtel (-2 percent), Sun Pharma (-2 percent) and Idea Cellular (-2 percent) were the big losers in the Nifty.Other laggards in the index were Asian Paints (-1 percent), Adani Ports (-2 percent), Hero Motocorp (-2 percent) and UltraTech Cement (-2 percent).Gainers included BHEL (3 percent), TCS (1 percent), NTPC (1 percent) and Wipro (1 percent).

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In sectoral performance as reflected by the respective indices, metals (-1.8 percent), healthcare (-1.7 percent), oil & gas (-1.0 percent) and capital goods (-0.9 percent) were under pressure, while IT (0.1 percent) gained.The Rupee was quoting at 66.74 to the dollar, up 9 paise over its previous close.     

12:45 pm EMs growth: Emerging markets, with the exception of India, are facing their fifth consecutive year of slow growth and a possibly longer period of sluggish performance than previously thought, the World Bank has said. In a new policy research note 'Slowdown in Emerging Markets: Rough Patch or Prolonged Weakness?', the World Bank said since 2010, emerging market growth has been buffeted by global headwinds such as weak international trade, slowing capital flows and slumping commodity prices, external challenges which have compounded domestic problems including blunted productivity and bouts of political uncertainty. "After enjoying years of enviable economic performance, emerging markets are coming under strain, with a marked divergence in growth among them," said World Bank Chief Economist and Senior Vice President Kaushik Basu.12:30 pm Buzzing: Shares of CESC and Phillips Carbon Black are getting punished as investors are angry after subsidiary's investment in unrelated business. Stocks plunged 3-7 percent intraday.