Nifty breaks 7600, Sensex slips over 200 pts; metals bleed

The market is under severe pressure. The Sensex is down 228.08 points or 0.9 percent at 24973.82 and the Nifty is down 76.80 points or 1 percent at 7578.25. About 696 shares have advanced, 1850 shares declined, and 92 shares  are unchanged. Vedanta, Axis Bank, coal India, Lupin and Dr Reddy's Labs are majorr laggards in the Sensex. 

Global market outlook: The US Federal Reserve has an interesting problem ahead - on the one hand the second quarter GDP number and the unemployment number gives it the ammunition to hike rates in September, on the other hand the inflation expectation recently turned down, says Robert Parker of Credit Suisse. So much so that the headline inflation is close to zero.

European equities traded higher, bucking the trend set in Asia where shares were trading mixed on the back of a revision in Chinese economic growth figures, with commodities trader Glencore soaring by 12 percent after it unveiled a debt revamp plan.

All sectoral indices on the BSE were trading with losses with Metal and Healthcare indices recording the highest losses.

Metal shares weakened on concerns that sluggish economic growth in China, the world's largest consumer of metals, would hurt export demand going forward. In the metal pack, Hindalco, NMDC, Tata Steel, JSPL, Hindustan Copper and JSW Steel were down between 0.5-3%.

Healthcare shares are slipping in today’s trade as investors booked profits at higher levels.  Lupin, Dr Reddy’s Lab and Sun Pharma are trading lower between 1-2%. Dr Reddy’s is down 1.5% after the company decided to recall over 55,000 bottles of Amlodipine besylate and Atorvastatin calcium tablets, used to treat high blood pressure and cholesterol related diseases, in the US market.

Tata Motors was up over 1%. The company has introduced its first luxury armoured vehicle new Range Rover Sentinel that can provide protection against a wide variety of attacks.

State-owned oil explorer was up after overseas investment arm -- ONGC Videsh (OVL) -- has acquired a 15% stake in Vankor oil field in East Siberia, Russia’s second-largest oil field from Rosneft for about $1.35 billion.

Capital goods majors BHEL and L&T are down 0.5-1% ahead of the IIP numbers slated to release later during the weekend.

Among other shares, Abbott India has moved higher by 3% to Rs 5,375, also its lifetime high on the BSE, in otherwise subdued market. Post June quarter results, shares of pharmaceutical company outperformed the market by gaining 20% from Rs 4,479 on August 11, 2015, compared to 10% fall in the S&P BSE Sensex.

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