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Sensex ends below 27,000; ITC, RIL top losers

Last updated on: October 08, 2015 16:09 IST

The 30-share Sensex ended down 190 points at 26,846 and the 50-share Nifty ended down 48 points at 8,129.

Markets ended lower to snap six-day winning streak after investors booked profits after sharp gains in the previous sessions with index heavyweights ITC and Reliance Industries leading the decline.

The 30-share Sensex ended down 190 points at 26,846 and the 50-share Nifty ended down 48 points at 8,129.

On Wednesday, benchmark share indices hit their highest level in over six weeks led by commodity shares tracking a recovery in global crude oil prices while beaten down metal shares surged amid value buying and short covering at lower levels.  


According to Anand Rathi morning note, “Yesterday CNX Nifty had opened slightly negative and fell towards 8,132 levels in the first half of the day as the bears tried to push the index in the negative zone."

"However, the bulls overpowered the bears as the index held onto its 8,120 levels and finally closed positive for the sixth consecutive session with the gains of 25 points. If the index fails to hold above 8,120 zones then momentum may fizzle out and market may tumble down towards next support of 8,050 zones.”  

“Meanwhile, yesterday BSE Sensex opened negative but continued its positive momentum for six consecutive session."

"However it edged higher and regained the positive move in the later part of the day as it managed to close above 27000 marks with the gains of around 100 points. If the index fails to sustain 26,750 levels then profit booking may drag the index towards 26,500 levels.” it added.


Chinese stocks surged on Thursday after a week-long break as they tried catching up to a global rally, while most regional markets stepped back with Japanese equities hitting the skids on weak data.

MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.3%. The index was on track to snap a 6-day winning streak that took it to a 1-1/2 month peak this week, propelled by a global surge in risk appetite as expectations of the Federal Reserve hiking interest rates this year ebbed.

Overnight on Wall Street, the S&P 500 soared to a 3-week high thanks to a bounce in biotechnology companies. Materials shares also enjoyed a positive session on the back of gains for precious metals.

The Fed opted not to hike rates in September in the wake of cooling global growth and fears of a deepening slowdown in China. And last week's soft US non-farm employment report prompted markets to scale back expectations that the Fed would hike rates later this year.

Japan's Nikkei lost 0.7% after weak Japanese machinery orders and a stronger yen soured sentiment. Hong Kong's Hang Seng fell 0.6%, South Korea's Kospi edged up 0.1% and Australian shares gained 0.4%.

Chinese stock markets, which have been hit by wild swings in recent months due to growth and policy worries, rallied after re-opening following an extended break since the end of September. Shanghai stocks rose 3.6%.

SI Reporter in Mumbai
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