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Market Update

Sensex in Mumbai Declines to 3-Month Low, Religare Sells Inusrance Stake

Author: Sarla Buch
Last Update: 8:48 AM ET December 08 2015

6:00 PM Mumbai, India – Sensex in Mumbai declined to a three-month low following Asia-wide correction after crude oil prices fell to a seven-year low. Tata Motors controlled Jaguar Land Rover retail sales in November surged 27%. Religare sold its stake in life insurance joint venture to Bennett, Coleman.

Sensex in Mumbai trading declined to a three-month low after on the weakness in commodities and energy prices.

Stocks were under pressure on Dalal Street after crude oil price in London and New York declined to a seven-year low.

The decision by the OPEC member nations at the latest meeting on Friday decided not to cut production quota only contributed to the market jitters as the supply of oil in the U.S. continues to rise and add to the market glut.

In New York, the price of oil for immediate month delivery declined to a seven-year low below $40 a barrel and in London, U.K. the Brent crude oil declined below $42 a barrel.

Also, price for delivery of oil in 2026 also declined for the first time below $60 a barrel, indicating long term bearishness in the market.

Hindalco Industries Ltd dropped 3.7%, Steel Authority of India Ltd declined 3.4%, Vedanta Ltd slipped 3.3%, Coal India Ltd decreased 2.2%, Tata Steel Ltd fell 2.1%, and Hindustan Zinc Ltd decreased 2%.

Rupee weakened 11 paisa to 66.83 against one U.S. dollar.

The Sensex Index fell 219.78 or 0.9% to close at 25,310.33. The CNX Nifty decreased 63.70 or 0.8% to 7,701.70.

Gainers & Losers

Amtek Auto Limited surged 10.9% to ₹51.55 after the auto component maker said the U.S.-based JP Morgan Asset Management sold the company’s debt to a private equity firm at a 15% loss.

Jamna Auto Industries Limited decreased 1.5% to ₹121.70 after the vehicles components maker said private equity firm Clearwater Capital Partners sold its 16.5% stake in the company for about ₹77 crore through open market transactions.

Lypsa Gems & Jewellery Limited jumped 3.1% to ₹133.10 after the diamond jewellery maker secured orders worth ₹46.70 crore from United Arab Emirate.

Ponni Sugars (Erode) Limited edged up 0.1% to ₹194.90 after the sugar producer received approval from the central government regulator to increase foreign institutional investors limit to 49% from 24%.

Religare Enterprises Limited fell 0.7% to ₹309.75 after the financial services provider sold its stake in life insurance joint venture for ₹971.50 crore to Bennett, Coleman and Co Ltd.

Tata Motors Limited increased 1.5% to ₹404.70 after the vehicles maker’s the U.K.-based Jaguar Land Rover retail sales in November surged 27% to 46,547 vehicles.

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