Sensex ends 208 points lower

Benchmark share indices extended losses for the third straight day as investors booked profits at higher levels with ICICI Bank and FMCG majors leading the decline.

The 30-share Sensex provisionally ended down 208 points at 28,261 and the 50-share Nifty closed 64 points lower at 8,571.
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(Updated at 2:30PM
Benchmark share indices are seen heading towards third straight day of losses as investors booked profit in rate sensitive shares while FMCG shares remained subdued on concerns over consumer price inflation.

At 2:30PM, the 30-share Sensex was down 145 points at 28,325 and the 50-share Nifty was down 47 points at 8,588.

Further, foreign portfolio investors (FPIs) bought shares worth Rs 1,428.72 crore yesterday, as per provisional data released by the stock exchanges.

Meanwhile, according to global rating agency Fitch India’s gross domestic product (GDP) to grow at 8.0% in 2015-16 and 8.3% in the next fiscal, based on the new data series. The forecasts according to earlier series were 6.5% and 6.8%, respectively.

The Indian rupee recovered from its early lows and was trading unchanged to the US dollar at 62.52.

BUZZING STOCKS

Except for IT all other sectoral indices were in the red with BSE Realty index emerging as the top loser down 2.8% along with Power, FMCG, Auto and Consumer Durables among others.

ICICI Bank was down 2.5% contributing the most to the Sensex losses along with NTPC and Tata Motors.

NTPC dropped 6.5%. The stock was quoted ex-bonus today. As per scheme of arrangement, the existing shareholders will get bonus debentures of face value of Rs 12.50 each against each equity shares of Rs 10 held by its members.

Tata Motors slipped over 1%. According to media reports, China quality regulator directed the Tata Motors overseas arm Jaguar Land Rover to recall Range Rover Evoque SUVs because of defective gearboxes.

Axis Bank slipped 1%. Axis Bank has cut retail deposit rates by 15-25 basis points (bps) in select maturities. The bank has cut rates by 25 bps for deposits of 18 to 36 months and by 15 bps for deposits up to 18 months.

Oil stocks like ONGC and RIL are trading lower by 0.1-1% amid weak global crude oil prices. ONGC is down 1%. The company's board today approved second interim dividend of Rs 4 per equity share for 2014-15.

Mining and metal shares ended mixed after the Rajya Sabha today passed the Mines and Minerals (Development and Regulation) Amendment Bill, 2015. Hindalco was up 1.3%, Tata Steel gained 1.2% while Jindal Steel eased 1% and Sesa Sterlite was down 1.3%. Ashapura Minechem gained 3% and Orissa Minerals Development surged 6%.

IT stocks are trading higher in today’s session. Wipro rose 2.4% after the company clarified that it has won a five-year contract from a US-based utility company, Greater Cincinnati Water Works. TCS and Infosys were up 0.6-1.6% each.

Mortgage lender HDFC is up 0.8%. The Board of Directors approved the payment of an interim dividend of Rs. 2 per equity share of face value of Rs. 2 each of HDFC, for the financial year 2014-15.

In the broader market, the BSE Mid-cap index was down 0.9% and the Small-cap index was down 1.5%.

Market breadth weakened further with 1,910 losers and 640 gainers on the BSE.