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Wednesday, 10 September 2014

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Markets open lower; Sensex down over 100 points

opened lower,amid weak global cues, with metal stocks among the top losers after the Supreme Court late Tuesday reserved its order on coal block allocations.

At 9:17AM, the 30-share was down 108 points at 27,157 and the 50-share was down 30 points at 8,123.

SBI, Hindalco, BHEL, Tata Steel, Infosys, HDFC Bank were among the top Sensex losers.

Asian markets were trading lower tracking overnight losses on Wall Street. The benchmark Nikkei was down 0.4%. Shanghai Composite and Hang seng were trading 0.5-1.8% lower. Straits Times was trading 0.3% down.

US markets ended lower on Tuesday on concerns that the US Fed may raise interest rates sooner than expected while losses in Apple shares also weighed on market sentiment.

The Dow Jones Industrial Average ended down 0.6% at 17,014 and the S&P 500 ended down 0.7% at 1,988 and the Nasdaq ended down 0.9% at 4,552.

Except for Healthcare Index all other sectoral indices were in the red on the BSE.

Metal stocks are down after the Supreme Court on Tuesday reserved its order on coal block allocations. While the government didn’t press the court to favour a few blocks, industry representatives pleaded for a committee to select and exempt the blocks, allocations of which didn’t involve any criminality.

Lanco Infratech was up 7% on plans to sell 3,000 Mw of capacity to raise Rs 5,000 crore. The funds raised will be used to reduce the company’s debt, currently about Rs 35,000 crore.

BL Kashyap was locked in 20% upper circuit after HDFC Mutual Fund has bought 14.2 lakh shares of real-estate company on Tuesday.

Biocon was up 1.1%. India's largest publicly held biotechnology company, has said that it is buying back the 7.69% stake held by GE Capital in Biocon's research arm Syngene for Rs 215.38 crore, valuing the research arm at around Rs 2,800 crore.

The broader market was trading with marginal losses.

Market breadth was strong with 746 gainers and 620 losers on the BSE.

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