Sensex falls over 38 points despite positive economic data

Brittany BishopFeb 16, 2017

On Tuesday, the Sensex had closed 12 points down at 28,339 and the Nifty had closed 13 points lower at 8,792.

The NSE Nifty fell by 17.10 points, or 0.19 per cent, to 8,775.20.

Globally, Japan's Nikkei was down 0.16 percent, Shanghai's Composite Index shed 0.14 percent, while Hong Kong's Hang Seng slipped 0.03 percent in their early deals.

Of the 30-share Sensex pack, 18 scrips ended lower while the remaining 12 firmed up. Among the BSE sectoral indices, IT rose by 0.86% followed by Teck (0.67%), Power (0.37%), Metal (0.31%) and Bankex (0.14%). However, Mid-cap declined 154 points and Small-cap too fell 204 points.

Major losser was Tata Motors slumped 10.32 per cent with the stock extending yesterday's 3.68 per cent fall triggered by the company's weak Q3 December 2016 results. Gitanjali Gems ltd fell 5% to Rs 68.75 after the company said its net profit fell 73% in December quarter to Rs 50.04 crore from a year ago. Sun Pharma shares tumbled 4.3 percent after the drug major reported a 5 percent drop in Q3 net profit amid lackluster sales in two of its largest markets - USA and India. The index was up 0.3 per cent early on Wednesday.

Market breadth was negative with 688 advances against 2,005 declines. Broader markets are also erasing gains after budget rally. Other gainers included Infosys (1.60%), HUL (1.31%), Wipro (1.21%), NTPC (1.12%), Tata Steel (1.02%), Bajaj Auto (0.64%), TCS (0.57%), HDFC Bank (0.46%), HDFC Ltd (0.42%) and Axis Bank (0.38%).

The volume chart was led by Jaiprakash Associates with trades of over 7.60 million shares.

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