Tuesday, 1 September 2015

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The S&P BSE Sensex slipped nearly 300 points in trade on Tuesday following muted trend in Asian markets. The fall in the index was led by losses in HDFC, HDFC Bank, ICICI Bank, L&T, and Axis Bank. The 50-share Nifty index slipped below its crucial psychological level of 7900, weighed down by losses in FMCG, auto, banks, capital goods, metal, power and realty stocks. 

Asian shares fell on Tuesday and the dollar struggled after twin surveys showed China's manufacturing sector in the grip of its worst slump in several years, raising fresh fears about the health of its economy. India's Mahindra Integrated Township Ltd. plans to raise 1.00 billion rupees selling staggered redemption bonds maturing in three years to five years, three merchant bankers said on Monday. The company, which is a subsidiary of Mahindra Lifespace Developers Ltd., will pay an internal rate of return of 9.60 percent along with a premium at maturity to investors,the bankers told Newsrise. 

The market has opened lower on economy data. The Sensex is down 194.50 points or 0.7 percent at 26088.59 and the Nifty is down 63.35 points or 0.8 percent at 7907.95. About 123 shares have advanced, 409 shares declined, and 31 shares are unchanged.Indian markets, analysts say that unless buying from foreign institutional investors abates, Indian stocks are likely to remain under pressure. Foreign institutional investors hold nearly 25 per cent of BSE 200 stocks.

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