Sensex in India Drops 1.2%; Indian Oil to Build Pipeline to Nepal

Mukesh Buch
26 Aug, 2015
New York City

Sensex in Mumbai traded down in volatile trading and energy stocks and banks were in focus. Another day of wild swings in Shanghai put Asian markets on alert and casted doubt on Chinese economic strength.

[R]6:00 PM Mumbai – Sensex in Mumbai traded down in volatile trading and energy stocks and banks were in focus. Another day of wild swings in Shanghai put Asian markets on alert and casted doubt on Chinese economic strength.[/R]

Volatility perked up in Asian markets and Sensex index in Mumbai traded down at close.

Global markets extended losses for the second day after indexes in the U.S. sold off in the last thirty minutes of trading suggesting that the 2% bounce in the day lacked conviction.

Nikkei average in Tokyo, was the lone index in Asia to register positive gain in today’s trading. Indexes in Shanghai swung wildly despite the fifth rate cut in nine months from People’s Bank of China.

Rupee weakened 4 paisa to 66.14 against one U.S. dollar.

The Sensex Index slipped 317.72 or 1.2% to close at 25,714.66. The CNX Nifty decreased 88.85 or 1.1% to 7,791.85.

Gainers & Losers

Gayatri Projects Limited jumped 3.8% to ₹430 after the infrastructure developer secured multiple orders worth ₹3,318 crore from the National Highways Authority of India.

Indian Oil Corporation Limited edged down 0.2% to ₹393.90 after the oil and gas explorer signed an agreement with Nepal Oil Corporation for the construction of oil pipeline from Raxaul in Bihar to Amlekhgunj in Nepal for ₹275 crore.

IL&FS Engineering & Construction Company Limited declined 3.5% to ₹61.35 after the infrastructure developer received a ₹190.88 crore rural electrification project from Madhyanchal Vidyut Vitran Nigam Ltd in Uttar Pradesh.

IL&FS Transportation Networks Limited fell 1.3% to ₹88.80 after the transportation infrastructure developer agreed to raise up to ₹750 crore through a rights issue.

Lupin Limited fell 0.9% to ₹1,811.80 after the drug maker received an approval from the U.S. Food & Drug Administration for anti-inflammatory generic drug Diclofenac Sodium.

MindTree Limited soared 4.8% to ₹1,340.40 after the software developer agreed to acquire the U.S.-based Relational Solutions Inc. for $10 million in cash.