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       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
 
 
BUSINESS HEADLINES
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Sensex sheds 206 pts on profit-booking  
RBI refuses to disclose list of loan defaulters  
Nifty pares initial gains, ends flat  
Maharashtra Assembly passes GST Bill  
GST is Modi Govt's 'biggest achievement': ASSOCHAM  
Exporters to get tax refund under GST within 7 days: Nirmala  
GST won't affect financial autonomy of local bodies: Maha govt  
GST: Fin Min warns industry against hiking prices arbitrarily  
GST Bill is going to be consumer friendly: Jaitley  
Sensex surges to record high in late morning trade  
AI starts direct flight between Delhi, Stockholm  
Paytm raises $1.4 bn funding from SoftBank  
Sensex dives 224 pts, Nifty cracks below 9500  
Sensex, Nifty extend bull run, hit record highs  
BSNL signs pacts with Facebook, MobiKwik  
Govt clears new coal linkage policy  
Markets conquer new peaks, Nifty scales 9,500  
Gold climbs by Rs. 55 on positive global leads  
11 PIOs in Forbes's list of best venture capitalists  
Digitisation will curb shadow economy, says Meghwal  
Snapdeal-Flipkart deal may leave staff richer by Rs 193 cr  
I-T dept launches facility to correct errors in PAN, Aadhaar  
Idea Cellular Q4 loss at Rs 325.6 cr as Jio entry takes toll  
'AI can play key role in good governance'  
 
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