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Sensex ends 119 down after hitting 27,000, IT stocks melt
Posted on 7th January 2016
MUMBAI: Marked by day-long swings, the stock market came off its nearly two-month high by falling over 119 points to close at 26,759, stumped by IT worries following proposed visa curbs in the US.

The NSE nifty too briefly retook the 8300 level before capitulating.

Information technology stocks hit a rough patch after US lawmakers pushed ahead with legislation to put restrictions on use of H1B visas -- Infosys fell 2.50 per cent, TCS 2.18 per cent and Wipro 2.18 per cent.

Selling pressure was so hard that it pulled indices such as IT, realty, FMCG, consumer durables lower.

The Sensex opened higher and advanced to touch a high of 27,009.61 before ending at 26,759.23, down 119.01 points, or 0.44 per cent.

The gauge had gained 245.11 points in yesterday's trade.

The NSE 50-share Nifty also regained the 8,300 level before settling lower by 30 points, or 0.36 per cent, to close at 8,243.80.

On a weekly basis, both key indices -- the Sensex and the Nifty -- recorded a rise of 132.77 points, or 0.49 per cent, and 58 points, or 0.70 per cent, respectively.

In the 30-share Sensex pack, 17 scrips ended with sharp losses while the remaining 13 finished in the green.

Sectorally, the IT index suffered the most by falling 2.54 per cent as two US lawmakers reintroduced a Bill to curb the use of H-1B visas, including requiring employers to pay more for workers under the system.

Other sectoral indices that ended in the negative zone were technology 2.16 per cent, realty 0.97 per cent, FMCG 0.81 per cent. But banking and healthcare bucked the trend and ended in the green.

ITC, Power Grid, Tata Motors, Adani Ports, Coal India, Axis Bank, NTPC, Reliance Industries and Bharti Airtel fell up to 1.56 per cent.

However, ONGC, Asian Paints, Dr Reddy's, HDFC Bank, HDFC, Bharti Airtel and Cipla ended up on the gainers list.

The BSE small and midcap indices also showed a weak trend, down 0.43 per cent and 0.27 per cent, respectively.

Related Companies: Bombay Stock Exchange - BSE   National Stock Exchange of India Ltd (NSE)    

Other Latest News
 
Equity benchmarks on Friday were off to a good start as the BSE Sensex were trading beyond 33,600. Nifty also opened in the green and were gaining at 0.20 per cent in early trade. At 9:51 PM, Sensex was 88.54 points up to trade at 33,675.57 while Nifty was trading at 28.70 pois to reach upwards at 10,377.30.

In what could be a power packed comeback from last week's drag trade, key indices have finished with gains for the last six successive sessions.


 
Auto major Mahindra & Mahindra today said it will bid for the second stage of the tender for supplying 9,500 electric vehicles (EVs) to state-run Energy Efficiency Services Ltd (EESL).

"We will bid for the second stage of EESL tender," M&M Managing Director Pawan Goenka told reporters here.


 
At least thirteen coaches of the Vasco Da Gama-Patna express derailed at Manikpur railway station in Chitrakoot, Uttar Pradesh on Friday morning, killing three people and leaving at least nine injured, as reported by news agency PTI. Union Railway Minister Piyush Goyal announced an ex-gratia compensation of Rs 5 lakh each to kin of dead in the accident, Rs 1 lakh for those with grevious injuries and Rs 50,000 for those injured.

 
The Los Angeles motor show is all set to kick-start next week and auto makers are also ready with their products to be showcased at the event. Hyundai will be coming up with its US-spec Kona crossover and the brand has recently teased it in images. Currently, there are not much details about the Hyundai Kona but it should have a resemblance to the model that is sold in other global markets. The new Hyundai Kona will be revealed with two four-cylinder petrol engine options. The standard model will draw its power from a 2.0-litre naturally aspirated mill that is capable of producing power close to 147 hp along with 179 Nm of torque.

 
The Supreme Court on Thursday directed a medical college in Lucknow to grant compensation of Rs 10 lakh each to the 150 students it had admitted in the MBBS course without formal permission from the government, according to the Times of India.

The apex court has also slapped a fine to the tune of Rs 25 lakh on the medical college. The college, run by the GRCG Memorial Trust, was one of the 32 institutions that the Medical Council of India had barred from admitting medical students till 2019 due to substandard facilities.


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