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Nifty falls for third day on earnings worries
Posted On Oct 15 2015
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The 50-share Nifty too dropped 11.90 points or 0.15 per cent to end at 8,131.70 after dipping below the crucial 8,100 level to hit a low of 8,088.60. The weakness in the markets was visible from the very beginning amid sluggish global cues and as the IT bellwether TCS posted a largely muted set of second quarter earnings post market hours on Tuesday.
General wholesale prices fell for the 11th month in a row in September, but the decline decelerated to 4.54 per cent against 4.95 per cent in August.
The company’s total income from operations for the quarter rose 14.06 per cent to Rs 27,165.48 crore as against Rs 23,816.48 crore a year ago.
Meanwhile, the benchmark BSE Sensex is now down 175.40 points or 0.65% at 26,904. The broader market was mixed with BSE Midcap index lost 0.3% and SmallCap index gained 0.3%.
Major indices in Asia ended higher and Europe was trading lower in its early session. A few investors have started value-picking in metals and commodity stocks, which had gone down a lot. Hindustan Unilever, ICICI Bank, Coal India and NTPC were among the top losers along with TCS. Brokers said sentiment turned weak despite industrial production grew at a almost three-year high of 6.4 per cent in August on account of improvement in manufacturing as well as mining activity and better offtake of capital goods.
The united states Dow Jones finished 0.29 percent decrease in industry that was yesterday’s.
From FMCG pack, ITC and HUL closed down up to 0.7 per cent each, while pharma stocks including Lupin, Sun Pharma, Dr Reddy’s and Cipla closed down up to 2 per cent. Vedanta continued rally up 7 per cent, another stock Hindalco gained 6 per cent. Also Tata Motors gained almost about 2 per cent. Tata Steel Ltd., the biggest producer of the alloy, added 1.4 percent to last week’s 18 percent gain.
Reserve Bank of India Governor Raghuram Rajan cut interest rates by a steeper-than-expected 50 basis points last month and said policy must stay accommodative to the extent possible.
