Sensex slips 62pts to end below 27K-mark; Sun Pharma down 4%

Sensex slips 62pts to end below 27K-mark; Sun Pharma down 4%

Falling for third straight session, benchmark Sensex today slid 61.54 points to end at 26,995.87 -- its weakest level in nearly two weeks -- on sharp losses in bluechips including Sun Pharma, ONGC and Coal India, amid negative Asian cues on continued US Fed rate hike worries.

The rupee, however, appeared to be rebounding from one-month lows of 60.95 against US dollar and was last trading at 60.77 levels on good selling of the greenback.

The 30-share BSE Sensex rose to day's high of 27,150.78 in early trade but emergence of profit-booking brought it down. It finally settled below the 27,000-mark as it closed with a loss of 61.54 points, or 0.23 per cent, at 26,995.87 -- its lowest close since 26,867.55 on September 1.

In 3 straight sessions, it has lost almost 324 points.Brokers said sentiment was weak on reports of foreign institutional investors and domestic institutional investors turning sellers, after remaining major buyers for past several sessions, that had helped indices scale new highs.

Besides, profit-booking in recent out-performers and caution ahead of IIP and inflation data scheduled for Friday release, also affected sentiments, they said.

Among 30-Sensex stocks, Sun Pharma turned distinctly weak and closed 4.3 per cent down on reports of a surprise inspection by US drug regulator at its Halol plant in Gujarat.
Coal India fell 3.5 per cent on speculation the government will sell a portion of shares at a discount to their market price. Yesterday, CCEA has cleared stake dilution in Coal India, ONGC and NHPC via Offer For Sale route.

Shares of ONGC slipped 3.58 per cent.
The 50-scrip Nifty of the National Stock Exchange lost 8.40 points, or 0.10 per cent, to settle at 8,085.70. Intra-day, the Nifty shuttled between 8,127.95 and 8,057.30.
A mixed trend in other Asian markets and lower opening in Europe did not help domestic markets' cause either.

Overall, 16 Sensex stocks declined while 14 led by SBI, Infosys, RIL, Axis Bank, BHEL, GAIL and Maruti ended up.

Sectorwise, the BSE Healthcare index suffered the most by losing 1.73 per cent, followed by Metal index (down 1.08 per cent), Oil & Gas index (down 0.48 per cent), Realty index (0.34 per cent) and Consumer Durables index (0.22 per cent).

On the other hand, BSE Midcap and Smallcap indices ended 1.03 per cent and 1.39 per cent up respectively.

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