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Mid-Session: Sensex, Nifty continue to trade under pressure; bank stock up Analysis for Aug 17, 2015

By Religare

Weighed down by losses in the oil and gas, IT and Teck stocks, the Indian equities retreated on Monday, in line with Asian peers, amid profit booking. However, gains in the consumer durables and PSU stocks capped the losses after the government unveiled plan to revive the fortunes of public sector banks.

At 12:30 hours, the BSE SENSEX was trading at 27799.96, down by 267.35 points or by 0.95 per cent and then NSE Nifty was at 8446.8, down by 71.75 points or by 0.84 per cent.


The investors took some breathe after strong rally on Friday and indulged in selling activity after data showed that exports contracted for the eighth straight month by 10.3 per cent in July to USD 23.13 billion.

In the bearish trade, the BSE Sensex touched an intraday high of 28095.97 and intraday low of 27739.13, while the NSE Nifty touched intraday high of 8530.6 and intraday low of 8428.05, during the day"s trade so far.

Leading the decline on the D-Street were Cipla Ltd. (Rs. 714.05,-3.57%), Oil And Natural Gas Corporation Ltd. (Rs. 262.50,-2.98%), Hindalco Industries Ltd. (Rs. 91.10,-2.36%), Infosys Ltd. (Rs. 1123.20,-2.25%), Mahindra & Mahindra Ltd. (Rs. 1347.20,-2.13%), among others.

However, some buying were witnessed in stocks of State Bank of India (Rs. 278.10,+3.59%), Tata Steel Ltd. (Rs. 241.15,+1.71%), Sun Pharmaceutical Industries Ltd. (Rs. 907.90,+1.00%), Coal India Ltd. (Rs. 379.90,+0.65%), among others.

On the sectoral front, oil and gas and IT indices were among top losers on BSE, shedding 1.33 per cent and 1.19 per cent, respectively.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2393, shares advanced were 1058 while 1267 shares declined and 68 were unchanged.

On the global front, the Asian equities were trading mostly lower, with mainland China retreated led by a drop in energy and financial companies, while Hang Seng declined but Japan"s Nikkei 225 climbed as the world"s third biggest economy contracted less than expected in Q2. Japan"s economy shrank 1.6 per cent annualized pace in the June-August quarter, beating expectations for a 1.8 per cent contraction.

Story first published: Monday, August 17, 2015, 12:12 [IST]
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