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Sensex sees biggest fall since Nov, 2016, Nifty ends below 9,850; ITC drags

All that happened in today's trade

SI Reporter  |  New Delhi 

A steep fall in index heavyweight ITC and a negative lead from Asian markets pushed the domestic market lower on Tuesday, away from record highs while investors bet more on individual stocks amid the June quarter earnings season. Meanwhile, dollar fell to a 10-month low on Tuesday, bearing the brunt of a selloff triggered by another setback to US President Donald Trump's agenda and scaled back expectations for another rate hike at Federal Reserve this year.

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Sensex sees biggest fall since Nov, 2016, Nifty ends below 9,850; ITC drags

Vinod Nair of Geojit Financial Services says: If we keep aside two stocks (ITC and Reliance Industries), the market was largely positive. But still there is chance of further consolidation in the near-term due to stock specific reactions as a result of weak Q1 result. Currently FY18 EPS forecast is very high at 20% while preview for Q1 is dull which will lead to downgrade.

Sensex sees biggest fall since Nov, 2016, Nifty ends below 9,850; ITC drags

Life Insurance Corporation (LIC) has reduced its stake in Tata Global Beverages by 2.14 per cent, selling 1.35 crore shares in the market.   The public sector insurer, which had 9.85 per cent stake earlier, brought down its shareholding in the company to 7.70 per cent by selling shares between July 20, 2016, and July 4, 2017, Tata Global Beverages (TGBL) said in a filing to BSE.

Sensex sees biggest fall since Nov, 2016, Nifty ends below 9,850; ITC drags

Nifty Realty also added to the losses, down over 1% dragged by Unitech, Indiabulls Real Estate, DLF and Prestige Realty

Sensex sees biggest fall since Nov, 2016, Nifty ends below 9,850; ITC drags

Among global peers, MSCI All-Country World index was little changed while US stock futures were off 0.1%.

Sensex sees biggest fall since Nov, 2016, Nifty ends below 9,850; ITC drags

Cement maker ACC hit a record high, rising as much as 3.5% in intra-day, after it posted about 33% growth in June-quarter consolidated profit, beating analysts' estimates. The stock later pared gains to end 0.5% higher for the day

Sensex sees biggest fall since Nov, 2016, Nifty ends below 9,850; ITC drags

Shares of other cigarette makers such as Godfrey Phillips India also slipped over 10% to their lowest in nearly three months.

Sensex sees biggest fall since Nov, 2016, Nifty ends below 9,850; ITC drags

Consumer staple stocks accounted for nearly two-third of the losses on the Nifty, with Nifty FMCG index posting its biggest intraday percentage fall ever.

Sensex sees biggest fall since Nov, 2016, Nifty ends below 9,850; ITC drags

Top gainers and losers on BSE Sensex

Sensex sees biggest fall since Nov, 2016, Nifty ends below 9,850; ITC drags

HUL announces Q1:  PAT at Rs 1,283 crore; revenue at Rs 9,094 crore

Sensex sees biggest fall since Nov, 2016, Nifty ends below 9,850; ITC drags

Benchmark indices ended the day lower with Sensex down over 300 points and Nifty below 9,850 dragged by index heavyweight ITC, which fell over 15% intra-day after GST Council increased cess on tobacco products. Sentiment was further hurt by global peers. They also struggled with European shares off more than 0.4% as a set of disappointing results from the likes of Ericsson and Lufthansa soured the mood. The S&P BSE Sensex ended the day at 31,711, down 364 points while the broader Nifty50 index settled at 9,827, down 89 points. In broader markets, both BSE Midcap and BSE Smallcap indices ended the day 0.6% lower.

Sensex sees biggest fall since Nov, 2016, Nifty ends below 9,850; ITC drags

Nifty Bank erases intra-day gains, hovers around 24,000

First Published: Tue, July 18 2017. 15:32 IST
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Sensex sees biggest fall since Nov, 2016, Nifty ends below 9,850; ITC drags

All that happened in today's trade

A steep fall in index heavyweight ITC and a negative lead from Asian markets pushed the domestic market lower on Tuesday, away from record highs while investors bet more on individual stocks amid the June quarter earnings season. Meanwhile, dollar fell to a 10-month low on Tuesday, bearing the brunt of a selloff triggered by another setback to US President Donald Trump's agenda and scaled back expectations for another rate hike at Federal Reserve this year.

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