Nifty Ends Below 7000, Sensex Crashes 807 pts; Tata Motors Tanks

The market slide sharply. The Sensex is down 807.07 points or 3.4 percent at 22951.83 and the Nifty slips 239.35 points or 3.3 percent at 6976.35. About 342 shares have advanced, 2343 shares declined, and 93 shares are unchanged. Tata Motors, BHEL, Adani Ports, ONGC and Hindalco were top losers in the Sensex while Cipla, Bharti Airtel and Dr Reddy's were gainers.

Bank of India (down 7 percent) and Oriental Bank of Commerce (down 10 percent) hit fresh 52-week lows post disappointing earnings in Q3. State Bank of India was down 1.5 percent as it recorded fresh slippages at Rs 20,692 crore in Q3 against Rs 5,875 crore in preceding quarter.

European stocks traded sharply lower today, dragged down by a sell-off in banking and mining stocks, investors digest comments made by US Federal Reserve chair Janet Yellen and what that means for the timetable for interest rate hikes.

Tata Motors   ' third quarter profit declined 2 percent to Rs 3,507.5 crore compared to Rs 3,580.7 crore in year-ago period, impacted by Jaguar Land Rover (JLR) business, weaker sales mix and higher depreciation cost. The company said non recurrence of an annual China tax rebate (received in Q3 FY15 but in current year it was received in Q1FY 16) also impacted bottomline.

The rupee again breached the 68-mark on Thursday as it fell by 18 paise against the American currency as demand for dollar from banks and importers gathered pace amid bearish local equities. The Indian unit resumed lower by 10 paise at 67.95 per dollar as against Wednesday's closing level of 67.85 at the Interbank Foreign Exchange (Forex) market.

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