Market discounts rate cut hopes, Sensex plunges 151 points

Sentiment took a hit largely on a weak trend at other Asian markets, with the Shanghai Composite index breaking below the symbolic 3,000-mark, which contributed to the fall. Investors were also worried over a crackdown on illegal trading, brokers said.

Meanwhile, government data which came out after trading hours on Monday showed retail inflation fell to a new low of 3.66 per cent in August. Even WPI inflation eased further to (-)4.95 per cent in August. The data raised expectations that the Reserve Bank of India would cut interest rates for the fourth time this year at its policy review due on September 29. http://post.jagran.com/market-discounts-rate-cut-hopes-sensex-plunges-151-points-1442290928

Source: Business New

Rail budget fails to cheer market; Sensex down 202 points

Besides a weak Asian trend and lower opening in Europe further influenced the trading sentiment, brokers said.

   

The BSE 30-share Sensex after hitting a new record high of 26,190.44 points in opening trade, retreated to 25,897.33, showing a fall of 202.75 points, or 0.77 percent.

   

Similarly, the broad-based National Stock Exchange index Nifty lost 42.25 points, or 0.54 percent, to 7,744.90 after hitting its life-time high of 7,808.85.

   

Share prices of companies that cater to the railway sector came under pressure and tanked up to 12.15 percent despite important announcements made by Railway Minister Sadananda Gowda in his maiden rail budget.

   

Major losers were Texmaco Rail, Titagarh Wagons, Kalindee Rail Nirman, Kernex Micro, Commercial Eng., BEML, Stone India and Bartronics.

   

The government proposed in the rail budget to attract investment from domestic and foreign players in infrastructure.

   

Among BSE-30 shares, Sesa Sterlite fell 3.89 percent, Tata Steel by 1.31 percent, Hindalco by 0.95 percent, Larsen and Toubro by 1.29 percent, SBI 1.15 percent and Reliance Industries 1.31 percent, dragged down the Sensex.

   

Globally Hong Kong's Hang Seng index was down 0.10 percent, while Japan's Nikkei shed 0.14 percent. European markets opened in negative territory.

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Sensex extends gain, up 210 points in morning trade

The 30-share Sensex shot up by 210.51 points, or 0.84 percent, to trade at 25,230.02 with stocks of oil and gas, realty, capital goods, PSUs and banking sectors rallied. The gauge had climbed nearly 214 points in the previous session.

  

The 50-share NSE Nifty, regained 7,500 mark for the first time since May 16 by gaining 50.10 points, or 0.67 percent, to 7,524.20.

  

Brokers said that buying momentum picked up further on sustained foreign funds inflows amidst a firming trend in the global markets in response to European Central Bank measures to boost the eurozone economy.

   

Stocks of Reliance Industries shot up by 2.93 percent to Rs 1,120 and ONGC gained 3.78 percent to Rs 435.50 after reports that the government is likely to hike natural gas rates from July 1 after a new price formulation is approved by the Cabinet.

  

Other major contributors to the rally were SBI, ICICI Bank, HDFC Bank, Maruti Suzuki, Tata Steel, NTPC, Bharti Airtel, Larsen and Toubro and BHEL.

  

Among other Asian markets, Hong Kong's Hang Seng rose 0.53 percent, while Japan's Nikkei was up by 0.39 percent in the morning trade on Friday.

  

US Dow Jones Industrial Average rose 0.59 percent to close at new high in Thursday's trade.

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