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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)    

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As expected, India's largest passenger car player Maruti Suzuki India Ltd (MSIL) has the most number of models in the top 10 - at seven, followed by two models from Hyundai Motor India and one from Renault.


 
NEW DELHI: Former Bihar deputy chief minister Tejashwi Yadav on Tuesday sought 15 days from the CBI to appear for questioning in a case related to alleged corruption in giving the contract for running two IRCTC hotels to a private firm in 2006, sources said.

Tejashwi, who was summoned to appear today, sent his counsel who submitted the request seeking time to appear before the investigation team, sources in the agency said.


 
Mumbai: India’s capital markets regulator is likely to allow mutual funds to trade in commodity derivatives and a decision is expected within six months, a senior official said on Tuesday.

Such a move would help deepen the market and provide hedging opportunities to large companies that trade overseas due to limited liquidity at local exchanges.


 
With the dispute between the Odisha government and Indian Oil Corp (IOC) over the value-added tax (VAT) being resolved, the oil marketing firm has firmed up plans to increase its investment in the state including expansion of the refining capacity in Paradip by 3-4 million tonne (MT) per annum. “Very soon we may be evaluating refinery expansion in Paradip. It is a greenfield 15 MT plant and we intend to expand by 3-4 MT,” said Sanjiv Singh, chairman of IOC, adding that the company has massive plans for further investment in the state.

 
MUMBAI: Midsize private sector lender Yes Bank today claimed that its credit card portfolio has grown to over Rs 250 crore with 2 lakh customers within one year of entering the segment.

"We are running ahead of time in achieving milestones which we had set for ourselves. Our focus is on building the user-base right now and we have 2 lakh cards now," its retail head Pralay Mondal told reporters here.


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