Sensex falls over 100 points, Nifty 0.26%, Idea shares down 7%
- Author: Salvatore Jensen Mar 21, 2017,
Mar 21, 2017, 11:40
Also, the NSE Nifty fell by 31.55 points, or 0.34 per cent, to 9,128.50.
The key indices traded in the red during the mid-afternoon trade session as investors booked profits.
Broader markets underperformed the front liners.
Besides, sector-specific selling pressure, especially in Idea Cellular's stocks which plunged by nearly ten per cent following major merger announcements in the telecom space, hampered investors' risk-taking appetite.
The benchmark BSE Sensex recovered by nearly 57 points in early trade today on the back of gains in FMCG, capital goods, PSU, power, auto and IT sector stocks amid positive Asian cues. The Sensex moved in a narrow band and closed at 29,518.74, down 130.25 points or 0.44 per cent.
There are 787 advances, 860 declines and 96 unchanged stocks on NSE reflecting some negative bias floating in the market. The S&P BSE mid-cap index was up by 0.17 per cent, while the small-cap index rose by 0.30 per cent.
Asian shares hit 15-month highs on Tuesday, while the dollar and USA bond yields were on the back foot on the prospect of a less-hawkish Federal Reserve policy trajectory.
Metals, pharma, auto and telecom stocks dragged down the markets. The stock is trading at Rs 869.1 per share, up by 0.5%. HDFC Securities in a note pointed out that given the persistent delays in complex generic launches, the company is making a strategic shift, deploying a more balanced portfolio, with a mix of plain-vanilla generics and complex generic products for the United States market.
On the other hand, Dr Reddy'S Laboratories (3.59%), Axis Bank (1.88%), Sun Pharmaceutical Industries (1.24%), Reliance Industries (0.78%), Bharti Airtel (0.67%), and GAIL (India) (0.55%) were the major losers in the Sensex.