Saturday, 18 November, 2017

Sensex, Nifty Extend Tuesday's Losses

BSE Sensex is currently trading at a price to earnings ratio of 21.78 based on FY19 earnings while BSE IT index is available at 16.24 one-year forward PE Markets Trade in Red, Sensex Down at 33359, Nifty at 10333
Juana Turner | 09 November, 2017, 01:04

Among specific stocks, shares of Indian Overseas Bank (IOB) slumped 1.58 per cent to Rs 24.90 after the lender reported widening of its net loss by almost 60 per cent at Rs 1,222.50 crore for second quarter ended September 30, due to higher provisioning against the bad loans.

The S&P BSE Sensex lost 0.46 percent at 33,218 while the broader NSE Nifty declined 0.45 percent to 10,303.

Bharti Airtel, Tata Motors and State Bank of India (SBI) were the major losers as they posted losses to the tune of 3.73%, 2.92% and 2.35%, respectively.

The BSE market breadth was bearish - 1,805 declines and 949 advances.

"Rising crude oil prices and a weakening rupee seemed to spoil the investor sentiments". Global oil prices surged to their highest levels since 2015 earlier this week.

"The biggest area of concern right now is crude oil (prices)".

Drug firm Lupin was the worst performer in the Sensex pack, crashing 16.84 per cent to close at its 52-week low after the company said it has received warning letter from the U.S. health regulator for its manufacturing facilities in Goa and Indore.

Provisional data with the exchanges showed that on Tuesday, FIIs invested in scrips worth Rs 461.47 crore.

"Additionally, continuous negative observations by USFDA (Food and Drug Administration) on high quality Indian pharma companies are leading to a downgrade for the sector".

According to market observers, healthy buying support was witnessed for the banking, IT and capital goods counters, whereas heavy selling was seen in consumer durables, metals and oil and gas stocks.

On the other hand, the S&P BSE IT index rose by 41.50 points and Teck (technology, media and entertainment) index by 5.56 points.

Major Sensex gainers Wednesday were: Axis Bank, up 3.41 per cent at Rs 545.05; Asian Paints, up 2.51 per cent at Rs 1,170.95; Cipla, up 2.07 per cent at Rs 620.95; Sun Pharma, up 1.89 per cent at Rs 537.80; and Bajaj Auto, up 0.97 per cent at Rs 3,194.

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