Sensex down over 200 points; Nifty slips below 8,500
.jpg)
Benchmark share indices opened lower amid profit taking at higher levels with index heavyweights leading the decline.
However, PSU banks were in focus with Bank of Baroda leading the gains after the government launched seven-pronged revamp plan to revive the ailing PSU Banks, including a Rs 20,000-crore capital infusion lifeline.
At 9:40AM, the 30-share Sensex was down 262 points at 27,804 and the 50-share Nifty was down 65 points at 8,453.
Movement of rupee and crude coupled with progress of monsoon is likely to dictate the trend on the bourses. Further, the US Federal Reserve would release the minutes of their meeting held on July 28-29 on Wednesday, August 19 which is likely to signal the US central bank's stance on key policy rates.
The rupee weakened further against the US dollar and was down 24 paise at 65.24 to the US dollar.
Foreign institutional investors were net buyers to the tune of Rs 404 crore on Friday, as per provisional stock exchange data.
All sectoral indices were trading with losses with Capital goods, IT, Healthcare, Realty and Auto among the top losers.
Bank of Baroda was the top Nifty gainer up 10% after the government appointed PS Jayakumar to head the Bank. Meanwhile, Canara Bank was also up over 3% after the government announced the appointment of Rakesh Sharma as chief executive of the bank. Rakesh Sharma currently is the chief of Laxmi Vilas Bank.
HDFC was down 1.5%. The company plans to sell 9% stake in HDFC Life to its British joint venture partner Standard Life for a little over Rs 1,700 crore.
In the banking space, ICICI Bank and HDFC Bank and Axis Bank were down 0.8-1.3% each while state-owned SBI was the top Sensex gainer up nearly 2%.
Index heavyweights Reliance Industries and Infosys were down 1-1.6% each.
Cipla was down over 4% on profit taking. The company reported an over two-fold jump in its consolidated net profit to Rs 650.61 crore for the quarter ended June 30, 2015 mainly on account of robust sales.
Other Latest News
.webp)
For Samsung Group, this has been a year of milestones. First, a rare public apology from its flagship Samsung Electronics Co., followed by a bumper share buyback. And now, South Korea’s biggest conglomerate has named a woman that’s not member of its founding family as chief executive officer of a group company for the first time in its 86 years.
In a country where women business leaders have long struggled to make inroads into corporate boards and C-suites, the appointment of Kim Kyung-Ah as president and CEO of Samsung Bioepis Co. is a story likely to inspire the next generation of executives.
.webp)
As cyclone 'Fengal' approaches Tamil Nadu, several parts of the capital Chennai will face a five-our power cut on Wednesday and Thursday, i.e., November 27 and 28 due to the maintenance work.
The power cut in Chennai will take place between 9 a.m. to 2 p.m., said a report by dtnext.in, adding that it may be restored if the maintenance work is completed.
.webp)
Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if US President-elect Donald Trump imposes 25 per cent import tariffs on crude imports from the two countries, traders and analysts said.
Two sources familiar with Trump's plan told Reuters that oil would not be exempted from potential tariff hikes on imports from Canada and Mexico even as the US oil industry has warned the policy could hurt consumers, industry and national security.
.webp)
Congress leaders from Wayanad handed over the election certificate of the parliamentary by-election to party general secretary Priyanka Gandhi Vadra in the presence of Rahul Gandhi here on Wednesday.
Sources said Priyanka Gandhi is likely to take oath in the Lok Sabha on Thursday.
Leaders from Wayanad handed over the election certificate of the Wayanad parliamentary by-election to Priyanka Gandhi and conveyed their best wishes.
.webp)
The Enforcement Directorate on Wednesday conducted searches at multiple locations in Delhi and adjoining areas as part of an alleged bank loan fraud linked money laundering probe against former promoters of liquidated dairy major Kwality Ltd, official sources said.
About a dozen places are being raided under the provisions of the Prevention of Money Laundering Act (PMLA), the sources said.
.webp)
.webp)
.webp)
.webp)
.webp)
