Wednesday 26 December 2018

Nifty Slips Below 10,600 Mar; Yes Bank, Sun Pharma Stocks Decline

Posted by suhani varma on Wednesday, December 26, 2018 with No comments


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Equity benchmark indices opened lower on Wednesday as global stock markets remained under selling pressure over political uncertainty in the US and worries of global economic slowdown.

Index heavyweight Hindustan Unilever slipped over 2%, while Hindalco, Sun Pharma, Gail, Infosys slipped by up to 1%.

The Nifty opened just above 10,600, however, it slipped below 10,600 mark dipping more than 74 points, while the Sensex plunged 277 points at 35,193.

The rupee opened higher at 69.93 per dollar against Monday's close of 70.14 after Brent crude dropped below $50/Barrel.

Public sector oil marketing companies HPCL, BPCL and IOC gained by up to 1% on the back of lower crude oil prices.

On the sectoral front, selling pressure were witnessed in automobiles, IT, metals and pharma stocks. 

Asian Paints, Yes Bank, IOC and BPCL were the top gainers, while HUL, Tata Steel, and Hindalco lost the most.

Vedanta stock down 1% on the NSE. The company said it will set up a new steel plant in Jharkhand with a capacity of 4.5 mn tonne (MT) per annum at an investment of $3-4 bn.

Volatility index India VIX gained 5% at 16.54.

The most active stocks were Indiabulls HF, Jubilant Food, Yes Bank, HUL, and Infosys.

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