Sensex falls 200 points tracking global cues; HDFC, ITC drag

Markets continue to maintain weak trend tracking weak global cues along with selling pressure among rate-sensitive and FMCG sectors leading the fall.

Global markets across the global witnessed negative activity after the much awaited European Central Bank (ECB) stimulus failed to meet the street expectations.

At 14:45 pm, the Sensex was at 25,672, down by 215 points and the Nifty was at 7,792, down by 73 points. Among broader markets, BSE Midcap and Smallcap indices slipped between 0.3-1%.

In the currency front, the rupee was trading at 66.81 against the US dollar as the prospects of a Fed interest rate hike rekindled expressing confidence in the US economy.

Among overseas markets, Asian shares joined a global markets slump on Friday after the European Central Bank's stimulus package fell well short of markets' high expectations, sending the euro rocketing to its biggest one-day surge in nearly seven years.

Japan's Nikkei tumbled 2.2% at the close, the biggest daily drop since Sept. 29. It was down 1.9% for the week, the most in three months.

Back home, rate-sensitive sectors are witnessing maximum selling pressure with Banks, Realty and Auto sectors falling between 1-2%.

M&M, HDFC, ICICI Bank, HDFC Bank, Maruti Suzuki, Tata Motors and SBI have slumped between 0.5-2.3%.

Jaguar Land Rover (JLR) is examining a bid worth millions of pounds to buy Britain's Formula One Grand Prix track. Tata Motors has dipped 0.6%.

NTPC is down 1.6% on Moody’s reports stating a negative outlook for the Indian power sector on the back of challenges like fuel supply risks, cost overruns at private plants and financially weak discoms.

IT companies, which have significant presence in Chennai, are also reeling under selling spell. Wipro and TCS are down by 1% each. Index heavyweight ITC has fallen almost 2%.

The government has begun preliminary internal discussions to understand the implications of the findings of DeGolyer & MacNaughton's final report on the gas dispute between Reliance Industries (RIL) and Oil and Natural Gas Corporation (ONGC). Relianec Inds and ONGC are down almost 1%.

Shares of Sun Pharmaceutical Industries and Sun Pharma Advanced Research Company (SPARC) have rallied by up to 11% after Sun Pharma announced that its subsidiary has received final approval from the US Food and Drug Administration (USFDA) for anti-cancer drug.

Among other shares, Dabur India has dipped 2%, extending its previous day’s 2% fall on the BSE, after the company said that it is expecting its juice sales to dip 10-15% cent in October-December (Q3FY16) quarter due to disruption of supplies from its plant in the Nepal.