Nifty FMCG index ends 0.87% lower. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) GODREJ CONSUMER 1350.05 1399.15 -49.10 -3.51 GLAXOSMITH C H L 7250.10 7499.45 -249.35 -3.32 HIND. UNILEVER 1606.25 1651.20 -44.95 -2.72 BRITANNIA INDS. 6196.50 6344.05 -147.55 -2.33 GODREJ INDS. 603.00 612.15 -9.15 -1.49 Nifty sectoral gainers and losers of the day BSE Sensex: HUL, RIL among top losers of the day, YES Bank top gainer Market at close The S&P BSE Sensex ended at 38,018, down 140 points while the broader Nifty50 index settled at 11,477, down 43 points. Reliance Infra rallies 6% as CRISIL changes ratings for NCDs Shares of Reliance Infrastructure have moved 6% higher to Rs 479 on the BSE, after the company said the rating agency Crisil withdrawn its ‘D’ rating for non-convertible debentures (NCDs) worth of Rs 7.10 billion. The company has repaid the NCDs from the funds received from the sale of Integrated Mumbai Distribution Business to Adani Transmission. READ MORE Financial crisis explained: How greedy US banks crippled world economy It has been 10 years since the Lehman Brothers shut shop. People who faced the global recession at that time say it was not their fault and still had to leave their homes. The housing market in the USA crashed and the whole world's economy went for a toss. Three million people in the US lost their jobs and five million lost their homes. But, how did it all happen? READ HERE Lehman Brothers (Photo: Reuters)
The S&P BSE Sensex ended at 38,018, down 140 points while the broader Nifty50 index settled at 11,477, down 43 points.
Earlier in the day, the rupee pared its initial gains to drop to a fresh all-time low of 71.97 against the US dollar in intra-day deals.
Among key stocks, Reliance Industries (RIL) fell around 1.5 per cent at Rs 1,224 levels and was among the top Sensex losers.
FMCG stocks weak
In sectors, the Nifty FMCG index slipped 0.9 per cent, weighed by fall in Godrej Consumer Products and Hindustan Unilever (HUL), which lost 2.7 per cent to end the day at Rs 1,606 levels.
While most analysts believe the fundamentals of FMCG stocks continue to be strong, the concern is largely on absolute valuations and the premium the sector gets, as compared to the broader markets. READ MORE HERE
India's dominant services sector expanded at a slower pace last month than in July as weaker demand and rising input costs kept a lid on hiring, a private survey showed on Wednesday.
The Nikkei/IHS Markit Services Purchasing Managers' Index (PMI) declined to 51.5 in August from a 21-month high of 54.2 in July.
(with wire inputs)