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March 27, Monday 2017 9:58 PM       

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       BUSINESS Next Article: Reserve Bank unlikely to cut key rate in February: Report  
       Sensex ends 119 down after hitting 27k, IT stocks melt
 
         Posted on :21:16:32 Jan 6, 2017
   
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       Last edited on:21:16:32 Jan 6, 2017
         Tags: Sensex ends 119 down after hitting 27k, IT st
 
MUMBAI: Marked by day-long swings, the stock market came off its nearly two-month high by falling over 119 points to close at 26,759, stumped by IT worries following proposed visa curbs in the US.
 
The NSE nifty too briefly retook the 8300 level before capitulating. Information technology stocks hit a rough patch after US lawmakers pushed ahead with legislation to put restrictions on use of H1B visas -- Infosys fell 2.50 per cent, TCS 2.18 per cent and Wipro 2.18 per cent.
 
Selling pressure was so hard that it pulled indices such as IT, realty, FMCG, consumer durables lower. The Sensex opened higher and advanced to touch a high of 27,009.61 before ending at 26,759.23, down 119.01 points, or 0.44 per cent.
 
The gauge had gained 245.11 points in yesterday's trade. The NSE 50-share Nifty also regained the 8,300 level before settling lower by 30 points, or 0.36 per cent, to close at 8,243.80.
 
On a weekly basis, both key indices -- the Sensex and the Nifty -- recorded a rise of 132.77 points, or 0.49 per cent, and 58 points, or 0.70 per cent, respectively. In the 30-share Sensex pack, 17 scrips ended with sharp losses while the remaining 13 finished in the green.
 
Sectorally, the IT index suffered the most by falling 2.54 per cent as two US lawmakers reintroduced a Bill to curb the use of H-1B visas, including requiring employers to pay more for workers under the system.
 
Other sectoral indices that ended in the negative zone were technology 2.16 per cent, realty 0.97 per cent, FMCG 0.81 per cent. But banking and healthcare bucked the trend and ended in the green.
 
ITC, Power Grid, Tata Motors, Adani Ports, Coal India, Axis Bank, NTPC, Reliance Industries and Bharti Airtel fell up to 1.56 per cent. However, ONGC, Asian Paints, Dr Reddy's, HDFC Bank, HDFC, Bharti Airtel and Cipla ended up on the gainers list.
 
The BSE small and midcap indices also showed a weak trend, down 0.43 per cent and 0.27 per cent, respectively. Meanwhile, foreign funds sold shares worth Rs 86.88 crore yesterday, as per provisional data.
 
A mixed trend at other Asian markets and a lower opening in Europe ahead of the US non-farm payrolls data triggered late selling on the domestic bourses here, brokers said. Elsewhere in Asia, Japanese Nikkei fell 0.34 per cent and Shanghai Composite index was down 0.35 per cent while Hong Kong's Hang Seng was up 0.21 per cent today.
 
London's benchmark FTSE 100 index dropped 0.1 per cent, Frankfurt's DAX 30 index slipped 0.2 per cent and Paris CAC 40 lost 0.3 percent as investors awaited US jobs data.
 
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       BUSINESS
Next Article: Reserve Bank unlikely to cut key rate in February: Report
 
 
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Govt may table 4 GST bills in Parliament today: Minister  
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Notes ban to spur economic activity: Govt  
Govt nod for 18 new airports costing Rs 30,000 cr  
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Adani Enterprises acquires Adani Infra  
Vodafone, Idea Cellular to create new Indian market leader  
Softbank appoints Kabir Mishra to Snapdeal board  
Idea to sell 2G, 3G, 4G mobile data at same price from Mar-end  
Airbus to set up its first Asia training facility in Delhi  
BSNL offers 2GB data per day, unlimited calling for Rs 339  
Sensex soars 188 pts, Nifty at fresh closing peak on Fed move  
Prominent Australians ask Adani to abandon coal mine project  
Harley-Davidson launches Street Rod at Rs 5.86 lakh  
India imports petrol, diesel from China  
 
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