Sensex Down Over 100 Points; Tata Steel, HDFC, SBI Top Losers

Metal stocks, including Tata Steel, Hindalco and JSW Steel lost 3-6 per cent each on BSE

The benchmark indices are hovering mildly in the red, amid a volatile session of trading, due to weakness in index heavyweights such as Tata Steel, HDFC and SBI. The BSE Sensex has swung in a range of almost 700 points between an intra-day high of 59,202.56 and a low of 58,525.89 and is currently trading at 58,906.75, lower by 106.28 points or 0.18 per cent and the NSE Nifty is at 17,526, down 59.50 points or 0.35 per cent.

The broader markets are also trading in the red, with the BSE Midcap index and BSE Smallcap index shedding 0.5 per cent each.

The Sensex had declined as much as 490 points to hit an intra-day low of 58,525.89 at opening bell before erasing all its losses and turning positive, albeit momentarily.

In the currency market, the rupee depreciated 34 paise to 73.82 against the US dollar, tracking a strong greenback in the overseas market. At the interbank foreign exchange, the rupee opened at 73.82 against the dollar, registering a decline of 34 paise from the last close.

Among individual shares, Tata Steel has plunged 6 per cent to Rs 1,301 to top the losers list on the BSE. The other metal stocks are also trading weak, with Hindalco and JSW Steel losing 4 per cent and 3 per cent respectively on┬áthe BSE. HDFC, SBI and Dr Reddy’s have also lost 1-2 per cent each on the BSE.

On the other hand, Hindustan Unilever has gained 2.5 per cent to Rs 2,793 to top the gainers list on the BSE. Bajaj Finserv, ITC and HCL Tech are the other significant gainers in the Sensex pack. ITC touched a 52-week high of Rs 239 earlier in the day, making it around 10 per cent of gains over the past one week.

Among stocks in the news, Lupin fell as much as 3.23 per cent to hit an intra-day low of Rs 913 after the company informed exchanges that US drug regulator US Food and Drug Administration (US FDA) conducted inspection at its Goa facility with seven observations.

The overall market breadth is negative as 1,972 shares have declined on the BSE as against 1,324 advances.

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