12:24
Moneycontrol Bureau Though the sharp fall in market continues in noon trade, the buying at lower levels helped the Nifty to hold 8100 level. The index plunged 109.95 points or 1.34 percent to 8109.65 and the Sensex tanked 378.22 points or 1.38 percent to 26941.34 due to consistent fall in banking & financials, metals and FMCG stocks.The broader markets cracked more compared to benchmarks. The BSE Midcap and Smallcap indices lost 2-3 percent. About five shares declined for every share advancing on the Bombay Stock Exchange.
Experts advise buying quality stocks on every dip as they believe the market may rebound soon to see fresh record highs.
The rupee plunged to a 13-month low on broad dollar strength, but is off the day's low after hitting its lowest level since November 14, 2013. Traders say that RBI may have sold dollars at around Rs 63.54 per dollar to stem the rupee fall. The currency declined 47 paise to 63.41 a dollar.
All BSE sectoral indices (except IT) traded in the red. FMCG, Bank, Metal and Realty fell 2-3 percent. Auto, Healthcare and Power lost 1-1.7 percent while IT gained 1.9 percent.
Hindalco led the list of metal losers after the Special Court rejected the CBI closure report and has asked for further investigation in the coal scam case. The stock tanked 7 percent. Jindal Steel and Power too sees a cut of 3 percent after the Supreme Court rejected the company's plea to make coal mine payments in tranches.
Shares of ICICI Bank, ITC, HDFC, SBI, ONGC, Dr Reddy's Labs, Sesa Sterlite, M&M and Tata Steel dropped 2-6 percent while TCS bucked the trend, up 2.4 percent on fall in rupee followed by Infosys and Wipro with 0.5-0.9 percent gain.
SpiceJet lost more than 10 percent for the second day running. The government gave the airline a final chance to survive and asked them to raise funds within the next 10 days or face closure. The airline immediately required cash amounting to Rs 1400 crore.
Globally, most of Asia was weak barring Shanghai. Markets weighed down by the persisting slump in oil prices and weak US close last midnight. Focusing on China in particular, the Flash HSBC PMI for China slipped to 49.5 contracting for the first time in seven months fueled hopes of more stimulus measures.
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