By RTT News,
December 12, 2013, 06:20:00 AM EDT
(RTTNews.com) - The Indian markets fell for a third consecutive session on Thursday ahead of reports on industrial production and consumer inflation due out later in the day. Weak global cues also dampened investor sentiment.
The benchmark BSE Sensex fell 245.80 points or 1.16 percent to 20,925.61, while the broader Nifty index closed down 70.85 points or 1.12 percent at 6,237.05. Auto, banking, capital goods, oil/gas and metal stocks bore the brunt of the selling.
Tata Motors slumped 4.6 percent on news that its JLR unit would hike capital expenditure to Â£3.5-3.7 billion in FY15 from Â£2.75 billion planned earlier. ONGC declined 2.7 percent, extending losses for the third straight session.
Bajaj Auto dropped 2.2 percent on a brokerage downgrade. Hero MotoCorp shed 1.8 percent, a day after acquiring a 60 percent stake in a joint venture with Magneti Marelli. Among the other prominent decliners, Hindalco, Maruti Suzuki, ICICI Bank and Coal India fell about 2 percent each.
Reliance Industries retreated 1.4 percent. Joint Secretary (Petroleum) Aramane Giridhar was quoted as saying that the government would soon come out with a proposal to replace the present profit sharing mechanism under the production sharing contracts with a revenue sharing mechanism for the oil and gas sector.
Pharmaceutical stocks such as Sun Pharmaceuticals, Aurobindo Pharma and Dr Reddy's Laboratories fell 1-2 percent on reports they have received the U.S. FDA approval for the first generic versions of blockbuster antidepressant Cymbalta.
Kingfisher Airlines plunged 5.5 percent. The Karnataka High Court, on Wednesday, dismissed a plea by the grounded airline seeking to restrain the consortium of banks from taking possession of its headquarters, Kingfisher House, in Mumbai.
SKS Microfinance rose 2.4 percent after completing a Rs.80.81 crore securitization deal. Cadila Healthcare advanced 2.4 percent after settling a patent litigation with Warner Chilcott Company.
NHPC gained 1.7 percent as its share buyback drew to a close. Wheels India added 1.9 percent ahead of a board meet later this week to consider a rights issue.
Auto parts maker Motherson Sumi Systems rose 2.1 percent on reports its subsidiaries SMR and Peguform have won a â‚¬ 2 billion order. Tata Teleservices soared 7.3 percent on reports its parent Tata Group plans to infuse Rs. 4,000 crore into the company.
GMR Infrastructure closed 1.6 percent higher after its consortium partner Megawide Construction Corp submitted the highest bid for an airport project in the Philippines. Just Dial gained 1.6 percent after index compiler FTSE said it would include the shares of the company in its FTSE AllCap index, effective from December 23.
Heidelberg Cement rose half a percent on fund raising reports. Shasun Pharma closed up a percent after its board approved a proposal to sell a unit situated in Vizag. MRF added nearly 2 percent on the buzz the company may announce a bonus issue.
The Asian markets fell to a 2-1/2 month low and European stocks declined in early trading, as investors grew more apprehensive about Fed tapering following a bipartisan budget deal reached in Washington on Tuesday evening.
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