China, Fed fears intencifies
China, Fed fears intencifies . Markets rattled over slowdown in China and signals from US Fed for early rate hike, as the benchmarking indices slumped about 1 per cent in a highly volatile trading session on Thursday.
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Nifty cracks 8,400, Sensex sheds 324 pts
Mumbai: Markets rattled over slowdown in China and signals from US Fed for early rate hike, as the benchmarking indices slumped about 1 per cent in a highly volatile trading session on Thursday. The markets slipped in the second half due to sharp selloff by banking stocks and heavyweights like Reliance and Infosys.
On the other hand, the pharma and FMCG stocks outperformed with gainers like Lupin, ITC, Dr Reddy's and Sun Pharma, while banks, metals, IT and auto stocks lowered. Sensex closed lower by 323 points at 27,607 and Nifty down 122 points ended at 8,371. Meanwhile, broader markets witnessed rough ride with midcap and smallcap lower about 2 per cent each.
On the sectoral front, metal, banking and IT indices lowered over 2 per cent, while FMCG and pharma indices halted the general rout. Following softening global commodity prices, the metal stocks loast include Tata Steel, Jindal Steel, Vedanta and Hindalco declined up to 2 per cent. While shares prices from banking space get corrected with Axis Bank, ICICI Bank and SBI lost about 2 per cent and midcap banks shed about 5 per cent.
From FMCG segment ITC reported over 3 per cent raise in its share price as Morgan Stanley ups the stock to 'overweight to underweight. While pharma companies also ended higher after drug majors Sun Pharma, Lupin and Glenmark got FDA approval for new drugs. These stocks up over 4 per cent each while midcap pharma stock touched lifetime highs.
The gainers: Lupin, up 5.39 per cent at Rs 1,892.10; ITC, up 3.90 per cent at Rs 329; Dr Reddy's Lab, up 1.54 per cent at Rs 4,297; and Sun Pharma, up 0.91 per cent at Rs 935.65.
The losers: Vedanta, down 4 per cent at Rs 98.50; Axis Bank, down 3.68 per cent at Rs 534.20; Reliance Industries, down 3.55 per cent at Rs 918.85; BHEL, down 3.30 per cent at Rs 253.35; and Tata Steel, down 3.30 per cent at Rs 241.65.
