Thursday, 9 June 2016

Sensex falls over 150 pts, Nifty breaks 8250; IT, FMCG drag

Infosys lost 3.5 percent after Tamin Nadu government has allowed setting up unions in IT sector. Dr Reddy's Labs plunged nearly 2 percent after the US Agency accused company of drug packaging violations and the US regulatory body seeks civil penalty for the same.

10:25 am Market Outlook: The Nifty is likely to see a sharp upmove to 8,700-8,800 levels if two key events -- the monsoon session of Parliament (in which the GST bill is widely expected to pass) and Brexit referendum -- see a positive outcome, says Ajay Bodke, CEO and Chief Portfolio Mananger (PMS), Prabhudas Lilladher.

In an interview with CNBC-TV18, Bodke said he is constructive on the markets in medium term even as it is exhibiting signs of tiredness [in the near term].

 "Largecap stocks are finding it difficult to rapidly move up and some consolidation is expected to happen," he said.

Also read - Infosys warns of 200 bps Q1 margin cut on visa, salary costs

10:00 am Market Check

The selling pressure extended in morning trade, led by profit booking in technology, FMCG, infra and banking & financials stocks. The Sensex fell 178.58 points to 26842.08 and the Nifty declined 48 points to 8225.05.

The broader markets outperformed, trading flat. The market breadth was marginally weak as about 903 shares declined against 892 advancing shares on Bombay Stock Exchange.

Infosys lost 3.5 percent after Tamin Nadu government has allowed setting up unions in IT sector. Dr Reddy's Labs plunged nearly 2 percent after the US Agency accused company of drug packaging violations and the US regulatory body seeks civil penalty for the same.

Lupin shed 1 percent after the pharma major recalled over 54,000 vials of injection (Ceftriaxone) in US, which was manufactured at Mandideep facility. The US Food & Drug Administration recently closed its audit for Mandideep unit.

Among others, HDFC, ITC, TCS, HUL and Asian Paints were down 1-2 percent while Reliance Industries, NTPC, Axis Bank, ONGC and Maruti Suzuki were gainers.
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2 comments:

Khush Kumar said...

TODAYS PROFIT SUMMARY: BTST CASH BHARAT ELECTRONICS 4600

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