Sensex down 250 pts; Tata Steel, Tata Motors, Hindalco sink | Indian Share Market

Indian Share Market


Sensex down 250 pts; Tata Steel, Tata Motors, Hindalco sink

Metal stocks such as Hindalco and Tata Steel saw profit booking, down 3.5 percent each. In fact the CNX Metal Index was the top sectoral loser, down 2.75 percent below its 200 DMA of 2793.Weak global markets due to Europe growth concerns drove Indian equity benchmarks down a percent. The Sensex declined 251.11 points to 26386.17 and the Nifty fell 73.05 points to 7887.50.

Among other indices, BSE Auto, FMCG, Bank, Capital Goods, Oil & Gas and PSU indices declined 1-1.9 percent. Tata Motors topped the selling list, down 4 percent.However, the BSE IT Index bucked the trend, up 2.6 percent led by Infosys’ Q2 numbers. Vishal Sikka’s first quarter as Infosys CEO gave thumbs up by the market. The software services exporter delivered over 3 percent growth in dollar revenues compared to estimates of 2.9 percent, maintaining dollar revenue growth guidance for FY15 at 7-9 percent.

Oil marketing companies like BPCL, HPCL and IOC gained 1 percent on account of Brent crude that has slipped below USD 90 per barrel. Some paint stocks such as Shalimar Paints and Asian Paints gained 7.5 percent and 1.6 percent as they are beneficiaries of lower crude prices. Globally, Asian stocks were under pressure following the weak close of the US markets as investors fret over slowing European growth.

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