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Market Update

Sensex in India Halts 4-Day Rally; TCS and Infosys Edge Lower

Author: Sarla Buch
Last Update: 7:07 AM ET December 18 2015

6:00 PM Mumbai, India – Sensex in Mumbai halted 4-day rally and pared weekly gains to 1.6%. Germany-based ERGO Insurance Group plans to increase its stake in insurance joint venture with HDFC to just below 49%.

Sensex index declined for the first time in five days and pared weekly gains after software services exporters retreated and resource linked stocks and banks were in focus.

Software services exporters declined after U.S. lawmakers proposed to increase fees for worker visas. The proposed bill is looking to curtail number of visas issued to software developers.

The public sector banks traded higher after the Reserve Bank of India on Thursday unveiled new math for banks’ base rate.

Oriental Bank of Commerce soared 5.2%, IDBI Bank Ltd surged 5% and Union Bank of India jumped 3.4%.

Rupee rose 3 paisa to ₹66.39 against one U.S. dollar.

The Sensex Index decreased 284.56 or 1.1% to close at 25,519.22. The CNX Nifty fell 82.40 or 1.1% to 7,761.95.

For the week, Sensex Index gained 1.6% and CNX Nifty advanced 2%.

Gainers & Losers

Alok Industries Ltd declined 9.3% to ₹6.47 after fabric maker said net in the second-quarter swung to a loss of ₹242.2 crore compared to profit of ₹45.36 crore from a year ago period.

Housing Development Finance Corporation Limited decreased 1.3% to ₹1,224.40 after the Germany-based ERGO Insurance Group plans to increase its stake in HDFC ERGO General Insurance from 25.84% to 48.74% for ₹1,122 crore.

Just Dial Limited dropped 2.3% to ₹876.35 after the online search engine operator said the U.S.-based private firm Sequoia Capital cut its stake to 10.86% from 12.44%.

Jyoti Ltd soared 20% to ₹74.70 after the engineering goods maker secured a contract worth ₹139 crore from DRN Infrastructure, Karnataka.

OK Play India Limited dropped 2.3% to ₹146.50 and the plastic products maker plans to developed world’s first plastic body green e-rickshaw.

Stone India Limited jumped 3.7% to ₹92.20 after the railway products provider signed a joint venture agreement with Chinese-based Shenyang Brilliant Elevator Group Co. to manufacture and sell elevators in India.

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