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Vulnerable Wednesday! Nifty cracks below 7750

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Mumbai: The Indian equity market, which looked set to extend gains for the third consecutive trading session, turned direction during the day after fresh terror attacks in France dampened sentiment in equity markets across the globe. India was no exception and the indices came tumbling to close near the lows of the day. The weakening Indian rupee added to the woes as it moved past the Rs. 66 per dollar mark.

The selling pressure was so fierce that barring consumer durables index on BSE not a single other index closed in the green. The pullback party was cut short led by unabated selling in IT, banking, metals and realty stocks. Auto, oil & gas and power stocks were among the other major losers. Even the mid-cap and small-cap stocks were not spared.
Commenting on the current market situation, Amar Ambani, Head of Research, IIFL said, “After showing signs of a pullback, indices were unable to carry forward the momentum on Wednesday. Nifty failed to hold on to its support of 100 WMA, which indicates that selling pressure would further intensify. There are high probabilities that Nifty is heading towards September lows of 7540. Traders are advised to avoid risky bets on the index. Stock specific activity could be considered for now.”
The BSE Sensex opened at 25,838, touched an intra-day high of 25,890 and low of 25,453. It finally ended with a loss of 382 points at 25,483.
The NSE Nifty opened at 7,823 hitting a high of 7,843 and low of 7,725, before ending with a loss of 106 points at 7,732.
The India VIX (Volatility) index was up 2.03% to 17.41.
On the global front, China's Shanghai Composite index and Hang Seng closed down 1% each.
In Europe, the FTSE 100 was marginally down 0.4%. On the other hand, DAX and the CAC 40 were down 1% each.
Out of 1,752 stocks traded on the NSE, 996 declined and 525 advanced today.
Gammon India Ltd ended higher by 6% to Rs.12.95 on BSE. The company said that its board approved the proposal to separate its civil EPC business and transfer it to its wholly-owned subsidiary, Gammon Retail Infrastructure Pvt. Ltd to reduce its high debt by raising fresh money in the new firm.
Infosys Ltd ended 4% lower at Rs. 1,020 on BSE. The stock hit a 17-week low as a result of company warning pressure on margins in the December quarter attributing the same to holiday season fall in spends. Stressing the need to bring back predictability in performance the Infosys management on a conference call with analysts mentioned it has a strategy to bring back growth.
Pipavav Defence and Offshore Engineering ended 1% higher at Rs. 63.60 on BSE. Reserve Bank of India notified that Registered Foreign Portfolios Investors (RFPIs)/Foreign Institutional Investors (FIIs)/Qualified Foreign Investors (QFIs) can now invest up to 12 per cent and Non Resident Indians (NRIs)/ Persons of Indian Origin (PIO) up to 2 per cent of the paid up capital of Pipavav Defence and Offshore Engineering Limited under the Portfolio Investment Scheme (PIS).
GVK Power and Infrastructure ended 3% higher to Rs. 8 on BSE. Around 5.84 mn shares were traded in a single block at Rs. 9.64 on the BSE.
Dr. Reddy's Laboratories slipped 1.8% to Rs. 3,376. The pharma company has announced that it has completed the purchase of worldwide exclusive intellectual property rights for Fondaparinux sodium, its generic anti-coagulant drug from its Australian partner, Alchemia Limited. Earlier, the company had signed a term sheet for this transaction in September, 2015.
NTPC gained 1% to Rs. 133.15 on BSE. Moody’s Investors Service says that NTPC (Baa3, positive) is set to benefit from the improving operating environment for India’s power sector, as well as from the recently announced debt restructuring programme for state-owned distribution power companies.
United Breweries (Holdings) Ltd fell 6.4% to Rs.29.70 on BSE. Supreme Court on Tuesday admitted a series of petitions filed by Diageo Plc and United Breweries Holdings Ltd. (UBHL) in a matter related to the sale of United Spirits (USL). It also posted the matter for hearing to April next year. Earlier, the apex court had directed the companies to maintain status quo in the sale of USL.
Shares of Dishman Pharmaceuticals rose 2% to Rs. 331 after the company clarified reports relating to a warning letter from the US drug regulator on the Clovis issue. The company said it had not received any letter of warning from the USFDA.
 Pfizer closed marginally down at Rs.2385. The pharma company plans to take over Allergan have faced a political backlash in the US.
A total of 40 stocks registered a fresh 52-week high in trades today, while 29 stocks touched a new 52-week low on the NSE.
Allied Digital Services, Allsec Technologies Limited, Alpa Laboratories Limited, Arrow Coated Products Limited, Balaji Telefilms Limited, Balrampur Chini Mills Limited, Bang Overseas Limited, Dharani Sugars & Chemicals Limited, Dwarikesh Sugar Industries Limited, E-Land Apparel Limited, Ester Industries Limited, Future Market Networks Limited, Gufic Biosciences Limited, Gulshan Polyols Limited, InterGlobe Aviation Limited, Jocil Limited, Jindal Stainless Limited, KCP Sugar and Industries Corporation Limited, K.M.Sugar Mills Limited, Kothari Sugars And Chemicals Limited, Lyka Labs Limited, Majesco Limited, Mawana Sugars Limited, Navin Fluorine International Limited, NIIT Technologies Limited, Pioneer Distilleries Limited, Rajshree Sugars & Chemicals Limited, Rana Sugars Limited, Renaissance Jewellery Limited, Ruchira Papers Limited, Sambhaav Media Limited, Signet Industries Limited, Simbhaoli Sugars Limited, SPL Industries Limited, Strides Arcolab Limited, Tanla Solutions Limited, Trident Limited,The Ugar Sugar Works Limited,Uttam Sugar Mills Limited,Zensar Technologies were some of the prominent stocks to log a fresh 52-week high.
Ankit Metal & Power Limited, Arvind Remedies Limited, Austral Coke & Projects Limited, Bharat Heavy Electricals Limited, Birla Cotsyn (India) Limited, C. Mahendra Exports Limited, Canara Robeco Mutual Fund - Canara Robeco - Gold ETF, Helios And Matheson Information Technology Limited, Innoventive Industries Limited, JCT Electronics Limited, Mangalam Cement Limited, Nakoda Limited, Orient Refractories Limited, The Peria Karamalai Tea & Produce Company Limited, Plethico Pharmaceuticals Limited, Prakash Steelage Limited, Rallis India Limited, Steel Authority of India Limited, Shree Ganesh Forgings Limited, Shrenuj & Company Limited, Sudar Industries Limited, Sundram Fasteners Limited, Tara Jewels Limited, Vimal Oil & Foods Limited, Vinati Organics Limited, Visesh Infotecnics, Rohit Ferro-Tech were some of the notable stocks to record new 52-week low.

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