BHEL outperforms in a weak market

Selling pressure is seen across the counters with BSE Healthcare and Metal indices leading the fall down 1.6% each

Markets continue to lose sheen for the sixth session on sustained fund outflows amid weak global cues. Meanwhile, concern over the passage of the crucial GST bill in the ongoing winter session of the Parliament has dampened the sentiments.

At 1:10 PM, the S&P BSE Sensex has lost 41 points to trade at 25,188 while the Nifty50 has shed 41 points to quote at 7,661.  
 

After the prolonged discussion and efforts undertaken by the PM Narendra Modi for the passage of the over the GST bill following his meeting with Congress president Sonia Gandhi and former Prime Minister Manmohan Singh, further slowdown in the clearance of the crucial bill is seen as the National Herald controversy stormed the Parliament.

As a result, the shares of logistic companies such as Aegis, Gati, VRL Logistics and Allcargo have slumped between 1%-7%.  

KEY STCOKS

Selling pressure is witnessed across the counters with BSE Healthcare and Metal indices leading the fall down 1.6% each. 

In the healthcare space, Dr Reddy’s Lab has slipped nearly 3% after submitting its response to a warning letter from the USFDA on 7 December 2015. Among its peers, Cipla, Lupin and Sun Pharma have lost 1.3% and 2% respectively. 

Shares of energy and mining companies amid a deepening commodities rout. From the metal pack, Vedanta, Tata Steel and Hindalco have dropped between 1.5%-3.5%.

One of the biggest loser of this hour is Bharat Forge shedding 6% after the forging company issued a cautious outlook for this fiscal.

Meanwhile,  CESC lost 7% after the India’s cricket board BCCI chose two new franchises for the IPL in a bidding contest on Tuesday. 

On the flip side, BHEL emerged as the top gainer of this hour in the 30-share Sensex pack after heavy industry minister Anant Geete clarified to the media that there were no plans of divestment of the government's stake in the company. The stock jumped 3%.

Another notable gainer is TCS rising 1.3% after TCS stated that Oman Housing Bank (OHB) has decided to replace its home-grown legacy systems with a comprehensive solution from TCS BaNCS covering loans, deposits, origination, payments, funds transfer and compliance. Meanwhile, its peer Wipro added 0.7% .

NTPC, ITC, HUL, HDFC Bank and M&M climbed between 0.4-1% and rounded off the list on the 30-share Sensex pack.