Markets end lower for sixth straight day

Markets ended on a lower note for the sixth straight day as GST Bill hopes seem to fade away. Also, the weakness in global markets weighed on the markets

Provisionally, BSE Sensex ended 258 points lower at 25,050 while the Nifty50 settled 84 points down to end at 7,617.  

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(updated 2:30 PM)

Indian equity markets continued their southward journey in the afternoon trades as the weakness in commodity prices along with cooling demand from China has spooked the investors worldwide.  Further, the uncertainty over the passage of crucial Goods and Services Tax (GST) Bill in the ongoing winter session of Parliament has unnerved the traders on Dalal Street.

 At 2:30 PM, the S&P BSE Sensex has lost 216 points to trade at 25,094 while the Nifty50 has shed 65 points to quote at 7,636.  

The passage of GST Bill in the Upper House of the Parliament looks like a herculean task for the NDA led government after the main opposition party, Congress created a ruckus in the Parliament over the National Herald controversy.

Following the uncertainty, the logistics companies’ shares slipped between 2%-7% each.

The broader markets are underperforming their larger peers with BSE Midcap and Smallcap indices down between 1.4% - 2% each

Meanwhile, the continuous outflows of capital by the Foreign Portfolio Investors (FPI) have weighed on the local equities. As per provisional stock exchange data, FPIs were the net sellers to the tune of Rs 518.24 crore on Tuesday.

STOCKS IN FOCUS

Sectorally, BSE Healthcare, metal and Oil &Gas indices are down between 1%-2% each.

The rout in the global commodity prices continued, following which the metal shares have lost sheen. Coal India, Vedanta, Hindalco, Tata Steel have lost between 2%-4% each.

The crude oil prices edged slightly higher in today’s trades to quote at $40/barrel as against $39/barrel yesterday- its lowest level since 2009. However, the oil and gas shares across the board are under selling pressure. ONGC, Reliance Industries, HPCL, BPCL are down between 0.6%-3% each.

Another stock that is the talking point today is Dr Reddy’s Labs. The pharma company has slipped nearly 2.2% after the changing political landscape of Venezuela might impact the business of the drug company. Further, the drug major has submitted its response to a warning letter from the USFDA on 7 December 2015. Among its peers, Glenmark Pharma, SunPharma, Cipla are all down between 1%-5% each.

Among other losers, Bharat Forge has nosedived 6% after the company said that commercial vehicle (CV) market is likely to decline 15% in calendar year 2016

On the flip side, BHEL has gained over 3% in a weak market 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.

TCS is another company that is trading in green as Oman Housing Bank (OHB) decided to replace its home-grown legacy systems with a comprehensive solution from TCS BaNCS covering loans, deposits, origination, payments, funds transfer and compliance. The stock has gained 1.5%