Markets down on global sell-off
The stock markets fell sharply for second consecutive session on Friday following global sell-off as the ECB\'s stimulus package failed to boost markets.
Mumbai: The stock markets fell sharply for second consecutive session on Friday following global sell-off as the ECB's stimulus package failed to boost markets.
European Central Bank has slashed its deposit rate deeper and extended its asset buys by six months, while investors expected a greater stimulus.
Sensex down by 248 points ended at 25,638 and Nifty dipped by 82 points closed at 7,781. Meanwhile, the broader markets also slipped with midcap and smallcap indices down 0.6 per cent and 1 per cent, respectively.
Going by the technicals, the markets expected to be in negative side for some time, although, the experts suggest investment in quality stocks for medium to long-term perspective.
It is interesting that the fund managers are bullish on India despite the analysts assume the year 2016 is difficult for Indian markets. Investors are still exercise caution over US Fed action on rate hike.
On sectoral front, the healthcare and metal indices made modest gains, while banking, automobile and consumer durables indices came under selling pressure.
The shares of M&M, HDFC, ICICI Bank, Maruti, Tata Motors and SBI dipped up to 3 per cent, while Sun Pharma rallied up to 11 per cent after its subsidiary get approval from USFDA for anti-cancer drug.
Coal India gained marginally, as the company revealed that it may end up with a shortfall of about 2 per cent against scheduled output. On the other hand, NTPC down 2 per cent on the negative outlook reported by a rating agency.
Also IT companies having major presence in Chennai came under selling pressure as Wipro, Infosys and TCS shares reported fall.
The gainers: Sun Pharma, up 4.02 per cent at Rs 756.10; Bharti Airtel, up 0.48 per cent at Rs 321.25; Coal India, up 0.16 per cent at Rs 335.05 and Tata Steel, up 0.02 per cent at Rs 240.20.
The losers: HDFC, down 2.42 per cent at Rs 1,171.95; Mahindra and Mahindra (M&M), down 2.42 per cent at Rs 1,316; NTPC, down 2.28 per cent at Rs 130.80; ITC, down 2.19 per cent at Rs 335.60 and ICICI Bank, down 1.71 per cent at Rs 261.45.