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February 27, Monday 2017 9:56 AM       

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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
 
 
BUSINESS HEADLINES
NCAER lowers GDP growth forecast to 6.9 pc for FY17  
Demonetisation sucked in cash like vacuum cleaner:IMF official  
Infosys seeks shareholder nod to amend Articles of Association  
Note ban impact on loan, deposit growth significant: Moody's  
Bharti Airtel to acquire Telenor India  
India's GDP projected to slow to 6.6% post-demonetisation: IMF  
Snapdeal to cut 600 jobs; CEO admits 'mistake' in biz plan  
Snapdeal founders take 100% salary cut  
Tatas to lead, not follow: Chandrasekaran  
Will sustain TCS' growth momentum, says CEO Gopinathan  
'Slowdown spill over to January-March quarter'  
Microsoft-Flikpkart announce strategic tie-up  
EU asks India to extend by 6 months trade pact with EU nations  
Licensing for payment sector can't be tick-box exercise: Gandhi  
TRAI seeks views on promotional offers, predatory pricing  
Note ban impacts PepsiCo's India biz: Nooyi  
EPFO extends deadline for submitting Aadhaar till Mar 31  
TCS to look at buyback on Feb 20  
Sensex near five-month highs, Nifty reclaims 8,800-mark  
India's GDP to expand post demonetisation: Meghwal  
India's GDP to expand post demonetisation: Meghwal  
Air India inducts A320 neo plane, to add 13 more this year  
Sensex bounces 146 pts; IT, pharma lead rally  
India, UAE trade to hit USD 100 billion by 2020: CII  
E-commerce expected to touch USD 50-55 billion by 2021: Study  
 
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