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Sensex Snaps 3-Day Record-Setting Spree, Falls Over 200 Points

The broader markets underperformed the benchmark indices. The BSE mid-cap and small-cap indices slumped over 2 per cent each.
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Sensex Snaps 3-Day Record-Setting Spree, Falls Over 200 Points
The Sensex and Nifty snapped their three-day record setting spree on the back of weak global markets as investors were spooked by uncertainty mounted over US President Donald Trump's future following reports he tried to interfere with a federal investigation. Declines in today's session were led by heavyweights such as Reliance Industries, ITC, Larsen & Toubro and Tata Motors. Selling pressure was visible across the sectors barring IT shares. Meanwhile, analysts said the fall could be a temporary consolidation after both the key indexes hit record highs earlier this week.

From the Nifty basket of shares, 44 ended lower while 7 managed to close higher. Bosch Ltd was the top Nifty loser, down nearly 4 per cent at Rs 23,264. Yes Bank, Grasim Industries, UltraTech Cement, Bharti Infratel, Indiabulls Housing Finance, Eicher Motors, Hindalco were also among the losers.

The broader markets underperformed the benchmark indices. The BSE mid-cap and small-cap indices slumped over 2 per cent each.

The overall market breadth was extremely bearish as 2,052 shares ended lower while 694 ended higher on the BSE.

The Sensex closed 224 points lower at 30,435 and Nifty fell 96 points to settle at 9,429.

Here are the key highlights of today's session:

3:15 pm: Anand Rathi has maintained "buy" rating on Skipper Ltd for a target of Rs 271.

3:01 pm: Shares of IDBI Bank slumped as much as 8.5 per cent to hit intraday low of Rs 69.45 after the lender reported that its net loss in the March quarter widened to Rs 32 crore from Rs 17.36 crore in the year ago period. The gross bad loans as a percentage of total advances came rose to 21.25 per cent from 15.16 per cent during the previous quarter.

2:47 pm: The stock markets continue to trade on a weak note on the back of weakness in Reliance Industries, ITC, HDFC and Larsen & Toubro. Sensex down 183 points at 20,475 and Nifty declines 85 points to 9,440.

2:27 pm: Grasim Industries was the top Nifty loser, down 3.2 per cent at Rs 1,133. Bharti Infratel, Yes Bank, UltraTech Cement, Hindalco, Indiabulls Housing Finance, Eicher Motors and Mahindra & Mahindra were also among the losers.

1:57 pm: The market breadth was extremely bearish as 1,821 shares were declining while 764 were advancing on the BSE.

1:47 pm: Aditya Birla Nuvo shares fall 2.56 per cent to Rs 1,658.90 after company reported that its net profit fell to Rs 130 crore from Rs 273.50 crore during the same period last year.

1:31 pm: Mid-cap shares underperform benchmark indices. The BSE mid-cap index was down 1.2 per cent; Bharat Forge was the top mid-cap loser, down 3.55 per cent at Rs 1,083. JSW Steel, Crompton Greeves, United Breweries, 3M India, Torrent Power and Bharat Electronics were also among the losers.

1:15 pm: Nilesh Shah of Envision Capital says that markets are factoring in strong recovery in earnings and continuation of reforms like GST. He adds that domestic savings are being channeled into equities and global liquidity is the only concern.

1:06 pm: Shares of JK Lakshmi Cement today tumbled over 7 per cent after the company reported a 19.4 per cent decline in standalone net profit for the fourth quarter ended March 2017.

12:45 pm: Cigniti Technologies, Capital Trade Links, JK Lakshmi Cement, High Ground Enterprise, Signet Industries, S.P. Apparels and Arshiya Limited were among the top losers from the small-cap space.

12:03 pm: The market breadth was extremely bearish as 1,738 shares were declining while 666 were advancing on the BSE.

11:36 am: IT shares were witnessing buying interest in otherwise weak market. The BSE IT index was up 2 per cent on the back of gains in TCS, Infosys, HCL Technologies, Wipro, Tech Mahindra and Mindtree.

11:12 am: Real estate shares were among the worst hit in trades so far. The BSE Realty index was down 1.85 per cent; DLF, Indiabulls Real Estate, Phoenix Mills, HDIL, Sobha Ltd, Unitech and Godrej Properties were among the top losers.

10:46 am: Banking shares were witnessing selling pressure. The Bank Nifty fell nearly 1 per cent on the back of losses in Punjab National Bank, Yes Bank, Axis Bank, IDFC Bank, State Bank of India, Federal Bank and Kotak Mahindra Bank.

10:37 am: Shares of United Breweries maker of popular beer Kingfisher fell as much as 5 per cent to hit intraday low of Rs 773 after United Breweries post market hours on Monday said that its net profit in the March quarter slumped 87 per cent on the back of higher expenses.

10:11 am: Shares of IRB infrastructure investment trust (IRB InvIT), India's first infrastructure investment trust got listed on the exchanges today. IRB InvIT's shares rose as much as 3 per cent to Rs 105 against its issue price of Rs 102. The initial public offer (IPO) of IRB InvIT Fund was subscribed 8.6 times. The segment reserved for institutional category saw 10.8 times subscription, while the segment reserved for non-institutional investors was over-subscribed 4.9 times.

9:53 am: Apollo Hospitals Enterprise Ltd shares fell as much as 2.7 percent on Thursday as an arm of Malaysian sovereign fund Khazanah was looking to exit the healthcare provider by selling its remaining 4.78 percent stake.

Integrated (Mauritius) Healthcare Holdings Ltd, an arm of the Malaysian fund, was looking to sell up to 6.7 million shares in Apollo Hospitals at a price range of Rs. 1,245 to Rs. 1,260 apiece, below its Rs. 1,280.20 closing price on Wednesday, according to a deal term sheet.

9:28 am: Stock markets come off the intraday low levels. Sensex down 116 points at 30,542 and Nifty declines 51 points to 9,475.

9:32 am: Selling seen in broader markets as well. The BSE mid-cap and small-cap indices fell 0.5 per cent each. United Breweries was the top loser from the mid-cap space, down 4 per cent at Rs 780. Bajaj Finserv, Apollo Hospitals, JSW Steel, Aditya Birla Fashion and Retail and Central Bank were also among the laggards.

9:25 am: From the Nifty basket of shares, 36 were declining while 15 were advancing. Hindalco was the top Nifty loser, down 1.5 per cent at Rs 195. Yes Bank, Ambuja Cements, Indiabulls Housing Finance, Bharti Infratel, ICICI Bank, Axis Bank, Dr Reddy's Labs, Kotak Mahindra Bank, ITC and ACC were also among the losers, down 0.8-1.5 per cent each.

9:20 am: Selling pressure visible across the sectors realty, banking, FMCG, metal and auto indices fall 0.5-1 per cent each.

8:15 am: The Sensex and Nifty are set to open sharply lower in trade today tracking weak global markets after uncertainty mounted over US President Donald Trump's future following reports that he tried to interfere with a federal investigation. The Nifty futures traded on the Singapore Exchange also indicated a gap down opening for the Indian markets as the SGX Nifty or commonly known as Singapore Nifty was down 0.67 per cent or 64 points at 9,467. Meanwhile, equities in other Asian markets were trading with a negative bias.

According to reports, former FBI chief James Comey said in a memo that Donald Trump had asked him to end a probe into former National Security Adviser Michael Flynn's ties with Russia.

The developments intensified doubts that Trump would be able to follow through on his promises for tax cuts, deregulation and fiscal stimulus. Those pledges had helped fuel a record-setting post-election rally on Wall Street.

Overnight, Dow and S&P 500 fell below their 50-day moving average for first time since late April.

The Dow Jones Industrial Average fell 372.82 points, or 1.78 percent, to 20,606.93, the S&P 500 lost 43.64 points, or 1.82 percent, to 2,357.03 and the Nasdaq Composite dropped 158.63 points, or 2.57 percent, to 6,011.24.

Asian share markets were also trading on a weak note. Japan's Nikkei was down 1.5 per cent, Hong Kong's Hang Seng fell 0.34 per cent and Taiwan Weighted declined 0.55 per cent.

Back home, foreign institutional investors sold shares worth Rs 731 crore while domestic institutional investors bought shares worth Rs 614 crore on Wednesday.

Bajaj Auto, Bank of Baroda, CESC, IDBI Bank Jyothy Labs, Muthoot Finance, Strides Shasun and EID Parry will be in focus today as they will report their March quarter earnings later in the day.

(With inputs from Reuters)
 

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