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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
HCL Technologies stands out amid IT gloom
Posted on 24th January 2016
 
HCL Technologies Ltd’s shares have outperformed peers by nearly 25% in the past six months. In each of the three past quarters, the company has delivered better-than-expected profit margins, and growth that’s been ahead of some if its larger peers.

In the December quarter, revenues rose 3% in constant currency terms, aided partly by inorganic initiatives. Adjusted for these, growth would have been around 1.8% in constant currency, according to analysts, which is also ahead of peers.


 
The Supreme Court on Tuesday rejected all the names suggested by the Board of Control for Cricket in India for administrators. The apex court allowed them to provide suggestions for an interim panel to run the game in India, reports ANI.

While dismissing the names the court said that any individual above the age of 70 will not be appointed at BCCI administrators.


 
All three listed oil marketing companies (OMCs) Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) along with IndusInd Bank, Hindustan Zinc and Power Grid Corporation are 10 stocks from the Nifty500 index hitting their respective record highs on the National Stock Exchange (NSE).

Caplin Point Lab, CCL Products, EID Parry and Vakrangee are others that hit lifetime highs on the NSE in intra-day trade.


 
TVS Motor Company has moved higher by 5.5% to Rs 402 on the National Stock Exchange (NSE), after the company reported a better than expected 10% year on year (YoY) growth in net profit at Rs 133 crore for the quarter ended December (Q3FY17).

Revenues from operations grew by 3% YoY to Rs 3,240 in Q3FY17 as against Rs 3,151 crore recorded in the quarter ended December 2015. EBITDA (earnings before interest, tax, depreciation and amortization) margin remained unchanged at 6.7% during the quarter.


 
Mumbai: Reliance Industries Ltd’s (RIL) third-quarter report card may not have had the stock market excited, but the energy company expects its gross refining margins (GRMs) to stay in double digits going forward.

GRM is what a refiner earns from turning every barrel of crude oil into fuel. RIL announced its third-quarter results on 16 January.


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