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Market Update

Sensex Declines 2.2%, Rosneft Sells Oil Field Stake to ONGC

Author: Mukesh Buch
Last Update: 1:46 PM ET September 04 2015

6:00 PM Mumbai – Russia-based Rosneft plans to sell 15% stake in one of its largest oil fields for $1.27 billion to ONGC. Reserve Bank of India lifted foreign investor stake limit to 40% in Ashok Leyland. Rajesh Exports wins more exports orders.

Stocks in Mumbai plunged and widely followed indexes dropped more than 2% after foreign investors dumped stocks in India and in emerging markets ahead of U.S. employment data release.

Foreign investors have been cutting exposure to emerging markets as the U.S Fed prepares to raise rates as early as this month.

Banks, software exporters and generic pharmaceuticals makers led the decliners.

Yes Bank, Axis Bank, ICICI Bank Ltd, State Bank of India and Kotak Mahindra declined more than 3%.

Rupee weakened 22 paisa to 66.46 against one U.S. dollar.

The Sensex Index declined 562.88 or 2.2% to close at 25,201.90. The CNX Nifty dropped 167.95 or 2.2% to 7,655.05.

For the week, Sensex Index plunged 4.5% and CNX Nifty tumbled 4.3%.

Gainers & Losers

Ashok Leyland Limited slipped 2.7% to ₹85.05 after the Reserve Bank of India allowed foreign investors to invest up to 40% in the company.

Cipla Limited fell 1.1% to ₹649.40 after the largest drug maker declared acquisition of two US-based companies, InvaGen Pharmaceuticals Inc. and Exelan Pharmaceuticals Inc., for $550 million.

Jyothy Laboratories Limited soared 4.7% to ₹320.80 after the Germany-based Henkel AG plans to buy a 26% stake in the company, an Economic Times reported.

National Buildings Construction Corporation Ltd fell 2.7% to ₹965.15 after the construction services provider secured contracts worth ₹387 crore in August.

Oil and Natural Gas Corporation Ltd slipped 1.7% to ₹225.60 after India- controlled company’s overseas subsidiary agreed to acquire 15% stake in Vankor, one of the largest oil fields controlled by Russia-based OAO Rosneft for $1.27 billion.

Power Mech Projects, Ltd fell 1.6% to ₹600.25 after the company secured an order worth ₹85.65 crore from IL&FS Tamil Nadu Power Company.

Rajesh Exports Limited dropped 4.2% to ₹470.80 after the gold refiner and diamond jewellery maker secured an order worth ₹1,123 crore from Singapore.

Raymond Limited decreased 2.6% to ₹388.20 and the textile and apparel maker plans to spend $5 million in marketing campaigns in West Asian and African markets.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc