Markets extend losses; Asain Paints, GAIL shares dip

11/11/2016 10:18

The key domestic benchmark indices were trading in a negative terrain in the morning trading session tracking a mixed trend across markets in Asia as investors ponder over what the priorities for the new US President Donald Trump and his administration will be, curbing risk taking appetite.

Traders will also eye the September IIP data today which may offer fresh cues over the health of Asia’s third biggest economy.

Shares of Tata Steel, Andhra Bank, Bank of Baroda, Dhanlaxmi Bank, BPCL, Indian Overseas Bank, Jet Airways, M&M and Suzlon Energy will be in focus today as these companies reveal their September quarter earnings.

At 10:20 AM, the Bombay Stock Exchange bellwether Sensex was at 27138.67 down by 379.01 points or by 1.38 per cent, while the NSE Nifty was at 8389.75 points, trading lower by 136 points or by 1.6 per cent.

The BSE Sensex touched an intraday high of 27344.85 and an intraday low of 27105.15 while the NSE Nifty touched an intraday high of 8460.6 and an intraday low of 8389.35

The top gainers of the BSE Sensex pack were Sun Pharmaceutical Industries Ltd. (Rs. 697.95,+4.65 per cent), State Bank of India (Rs. 282.05,+0.16 per cent), among others.

Meanwhile, Asian Paints Ltd. (Rs. 979.75,-3.43 per cent), GAIL (India) Ltd. (Rs. 434.00,-3.41 per cent), Hero MotoCorp Ltd. (Rs. 3040.00,-3.32 per cent), Tata Motors Ltd. (Rs. 516.85,-3.24 per cent), Housing Development Finance Corporation Ltd. (Rs. 1289.95,-3.16 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 2127 shares traded, 378 shares advanced, 1671 shares declined while 78 were unchanged.

On the global front, Asian stocks were trading mixed today as traders awaited clarity on the economic policies of the Trump-led US administration amid speculation that the Dodd-Frank Act financial-sector law may be replaced with pro-growth policies, while increased US expenditure may expand the US budget gap and stoke inflation. The US markets were trading higher in the previous trading session with Dow Jones Industrial Average rising to a record high on optimism that a Trump win maybe good for the US economy amid a possible roll back of regulations, increased infrastructure spending and tax cuts for businesses.

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