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Market Update

Sensex in India Extends Losses, Rupee Weakened

Author: Mukesh Buch
Last Update: 9:17 AM ET June 03 2015

6:00 PM Mumbai – Market indexes extended losses in Mumbai and rupee weakened after the Reserve Bank of India turned cautious and on delayed monsoon season. Apollo Hospitals acquired majority stake in Assam Hospitals. L&T received an order from Indian Navy to build a floating dock.

Market indexes in Mumbai extended losses on the worries of a delay in monsoon and cautious stand from the Reserve Bank of India.

Indexes opened lower and in choppy trading drifted down in the session and banks and financial services companies led the decliners.

The Indian Meteorological Department on Tuesday revised its monsoon forecast from “slightly less than normal” to “deficient” and parts of the nation are nearing drought conditions.

Rupee weakened 10 paisa to 63.92 against one U.S. dollar.

The Sensex Index dropped 351.18 or 1.3% to close at 26,837.20. The CNX Nifty slipped 101.35 or 1.2% to 8,135.10.

Gainers & Losers

Apollo Hospitals Enterprise, Ltd. rose 0.8% to ₹1,216 after the healthcare services provider agreed to acquire majority stake in Guwahati-based Assam Hospitals for about ₹57.25 crore.

Emami Limited advanced 1.9% to ₹1,087.15 after the personal and healthcare products maker acquired the hair and scalp care businesses of Kesh King worth ₹1,651 crore.

Larsen & Toubro Limited fell 1.2% to ₹1,652.90 after the engineering infrastructure maker received an order worth ₹468 crore for construction of floating dock from Indian Navy.

Life Insurance Corporation of India, won a regulatory approval from Bangladesh to operate the business in the country.

Oberoi Realty Limited declined 4.1% to ₹297 after the real estate developer plans to raise up to ₹2,250 crore by issuing debentures and equity shares through a public offering.

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