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Sensex drops again today; loses 600 points in 3 days
The Sensex was trading lower by 60 points, a loss of almost 600 points in 3 days, while the Nifty was trading lower by 11 points in trade today. On Thursday the Sensex lost almost 300 points as FIIs net sold to the tune of Rs 326 crores.
Today's top loser from the Nifty was heavyweight ITC, which continued to drop lower pulling indices lower with it. Other Nifty stocks that lost ground in trade were Ambuja Cements, Cairn India, HDFC and Infosys.
Sugar stocks rallied after the Cabinet Committee on Economic Affairs (CCEA) last night approved a proposal to abolish the levy-sugar mechanism. Among the sugar stocks that gained were Bajaj Hindustan which jumped 8 per cent, Balrampur Chini which rose 9 per cent, Shree Renuka Sugars which rose 8 per cent. Other sugar stocks that climbed were Sakhthi Sugars and Dhampur Sugars.
Nifty gainers in trade were HCL Tech, Gail, Hero motor Corp and Maruti Suzuki.
Shares in GMR gained after reports that Philippines-based Megawide Construction Corp said it has reached an understanding with infrastructure developer GMR Group to bid for the development of Mactan-Cebu International Airport (MCIA) in the southeast Asian country.
Dr Reddy's also rose after the pharma major has launched Zoledronic Acid injection, a generic version of Reclast injection in the US market.
Realty stocks that were hammered on Thursday saw some buying support emerge with notable gainers from the space including DLF, Sobha Developers and Unitech.
PSU banking stocks were trading higher with almost all of the CNX PSU banking stocks trading in the green.
Meanwhile, markets in Asia were trading mixed with the Hong Kong's Hang Sang and Korean Kospi down, while the Japanese Nikkei was up more then 3 per cent, following stimulus measures announced there.
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