Nifty breaks 8250, Sensex sheds 160 pts; oil stocks drag

14:22

Moneycontrol Bureau The market extended fall in afternoon trade with the Sensex losing 158.69 points to 27443.32 and the Nifty slipping 42.10 points to 8250.80 weighed by profit booking in oil & gas, capital goods, banking & financials and metals stocks.

This has turned out to be a week of profit booking with the Nifty shedding 3.5 percent for the week at current reckoning.

The BSE Midcap and Smallcap indices declined 0.5 percent each. About 1031 shares have advanced, 1716 shares declined, and 106 shares are unchanged on the Bombay Stock Exchange.
 
Raamdeo Agarwal of Motilal Oswal says the Indian markets have risen 100 times in the last 30 years and there is nothing stopping India from seeing exponential growth in the next 25 years. He advises holding onto quality names as quality and growth together will lead to exponential gains.

Gail topped the selling list in the Sensex, falling nearly 6 percent on slump in crude oil prices. Shares of TCS, Reliance Industries, ONGC, HDFC, Tata Steel, Sesa Sterlite, BHEL, Hindalco, M&M and Axis Bank declined 1-3 percent. However, Infosys, Sun Pharma, Bharti Airtel, HUL, ITC, Maruti, Hero Motocorp and Coal India gained 0.2-1.3 percent.

Global markets are a mixed bag today. European markets like CAC and DAX fell more than 1 percent while in the commodity space, Brent crude hit a five-and-half-year low of USD 63 a barrel on a supply glut. The sentiment was dampened in Asia after Chinese industrial output hit 3-month low of 7.2 percent.

Meanwhile, the government sources indicated most issues with regard to Goods and Service Tax (GST) is likely to be resolved within a week. Expectations are that GST Constitutional Amedment Bill could be tabled in the winter session of the parliament.

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