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B Markets extended losses on Wednesday and the Sensex ended below 27,000 for the second straight session weighed down by select index heavyweights even as oil and gas shares rebounded from their recent lows.
The 30-share Sensex ended 79 points lower at 26,909 and the 50-share Nifty closed 25 points lower at 8,102.
The broader markets -- BSE Midcap and Smallcap indices ended flat in today’s trade.
The market breadth ended weak on the BSE with 1,505 shares declining and 1,339 shares advancing.
Meanwhile, foreign institutional investors were net sellers to the tune of Rs 1,571 crore on Tuesday, as per provisional stock exchange data.
Rupee:
The Indian rupee is trading higher at Rs 63.6 to the US dollar compared to the previous close of Rs 63.57 which fell as foreign investors, jittery over Greece's possible exit from the Euro zone, opted for dollars, considered a safe haven.
Crude Oil:
The price of Brent Crude oil has fallen below $50 a barrel for the first time since May 2009. Oil extended losses amid speculation that U.S. inventories will expand, deepening a global supply glut that’s driven prices to a five-year low.
Sectors & Stocks:
On the sectoral front, BSE Oil & Gas index was the top gainer up over 1%.
However, Metal, Bankex and IT indices continued to lose sheen and were down between 0.2-1.5%.
Hindustan Unilever was up nearly 3.5%, extending its previous day’s gain on reports that a foreign investment bank upgraded the stock to buy from hold and also raised its target price for the stock.
Oil shares rebounded after sharp losses in the previous sessions tracking decline in global crude oil prices.
Reliance Industries and ONGC gained between 1.5-2.5%.
The country's largest car maker Maruti Suzuki India hiked prices of its vehicles within days of the government's withdrawal of excise duty concessions.
The stock climbed 2%. However, its peers Tata Motors, Hero Motocorp lost over 1.3% each.
On the flip side, Coal India shares dropped 1%. The world's top coal miner has fallen short of its output targets for the last six years.
An appreciating rupee casted its shadow on the defensive stocks.
The technology pack ended lower. TCS and Wipro lost 1% and 0.6% each.
However, its peer Infosys ended higher by 0.3% ahead of the quarterly results due tomorrow.
Among the healthcare space, Cipla, Dr Reddy’s Lab ended down by 0.2% and 0.6% each.
Index heavyweights ICICI Bank and ITC contributed the most to the decline and were down 2.6% and 2% each.
Bharat Electronics and Walchandnagar Industries surged 12% and 20% respectively, while BEML gained 2% on the BSE on report that suggests that the government is “seriously considering” setting up of a promotional body to help domestic companies manufacturing defence products to find investors and markets.
Jubilant Life Sciences surged 11% on the BSE after the company said it has received final approval from US health regulator to sell generic copies of Valsartan tablets used for treatment of hypertension.
Shares of Britannia Industries rallied nearly 7% to Rs 2,008, also its record high on thebse, in otherwise subdued market.
The stock has outperformed the market by gaining 16% from its recent low of Rs 1,675 touched on December 17, 2014, after the Union Cabinet cleared the Goods & Services Tax Amendment Bill.
The benchmark CNX Nifty gained 1.4% during the same period.
Global Markets:
Japanese stocks ended flat after a choppy session on Wednesday, with investors waiting with bated breath for key domestic and US economic data on Friday as financial markets continued to fret over sliding oil prices and worries over global growth.
European stocks opened higher, after Asia just about managed to hold up in positive territory, but nervousness ran deep through all financial markets ahead of euro zone inflation data due later Wednesday.
The euro hit a nine-year trough on Wednesday as collapsing oil prices and worries about the world economy drove skittish investors into the arms of safe-haven sovereign debt.
