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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
 
The Sensex registered a good beginning on Tuesday as it recouped over 127 points after Monday's loss, with Asia providing a positive backdrop amid sustained foreign inflows.

The 30-share index was trading higher by 127.47 points, or 0.43%, at 29,364.62, with all indices led by technology, IT, power and healthcare trading in the green with gains up to 0.79%. The gauge had lost 184.25 points in the previous session.


 
Microsoft India is betting big on cyber security solutions for cloud adoption growth as Indian businesses seek better security.

More businesses are looking at hosting their applications on the cloud, shifting from the traditional IT infrastructure on-premise to improve efficiency and bring down costs. Firms are looking to move to a model from one-time expense for software licenses and IT hardware in the on-premise model to pay as you rent model on the cloud with upgrades thrown in during the usage period.


 
Sony India on Tuesday launched its new "world's fastest" SF-G Series SD card that comes with enhanced features specially designed for professional photographers and videographers.

With a write speed of up to 299MB per second, the SF-G Series supports maximum performance of digital imaging devices, contributing to longer continuous shoot of high-resolution images. It contributes to a shorter buffer clearing time as well.


 
Recognising the popularity of Truecaller, an application that identifies mobile numbers - ICICI Bank has partnered the Swedish communication company behind the app to enable in-app payments using the Unified Payments Interface.

According to ICICI Bank, Truecaller is the third-most used app in India and the new partnership will allow millions of users of the app in the country to instantly create a UPI id, send money to any UPI id or a mobile number registered with the BHIM app. It will also enable users to recharge their mobile number from within the Truecaller app itself.


 
Mumbai: The Securities and Exchange Board of India (Sebi) is drafting rules to monitor share transfer agents and registrars and improve their functioning, two people with direct knowledge of the matter said.

This comes a year after Sharepro Services (India) Pvt. Ltd, a share transfer agent, was found to have defrauded at least 10 companies including Britannia Industries Ltd, Asian Paints Ltd, Aptech Ltd, Tata Communications Ltd and Kansai Nerolac Ltd of Rs21.7 crore. Some of the companies also filed police petitions against Sharepro, and Sebi imposed an interim ban on the company.


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