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Name | Symbol | Market | Type |
---|---|---|---|
Novartis AG | NYSE:NVS | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.64 | 0.65% | 99.71 | 99.78 | 99.26 | 99.65 | 544,235 | 16:52:53 |
By Debiprasad Nayak
MUMBAI--Indian shares joined a selloff in global markets Tuesday as crude oil prices continued to fall and concerns of a slowdown in the global economy grew.
The S&P BSE Sensex fell 3.1% to 26,987.46 points, its biggest percentage fall since September 2013. The National Stock Exchange's Nifty index also fell 3% to 8,127.35.
"Foreign as well domestic investors have now become cautious of putting more money as they fear India is not immune to the global crisis," said Neeraj Dewan, director at Quantum Securities. They are now watching for corporate earnings, which kickoff on Friday, for further cues, he added.
Earlier Tuesday, oil prices extended their slump with both Brent and U.S. crude futures trading at 5-1/2-year lows amid concerns of a supply glut. Analysts said the sharp decline in energy prices has stoked concerns of deflation in many global economies.
Energy and metal companies were among the biggest losers on the Sensex as investors fretted their profits could be hurt due to lower commodity prices. The oil & gas index ended down 4.2%, while the metal index declined 3.5%.
Among the major losers from the 30 Sensex stocks, Tata Motors fell 4.4% as sales of Jaguar Land Rover in the U.S. lagged behind the overall rise in auto sales in the region. Growth at Jaguar Land Rover has contributed to the bulk of profits of the Indian auto maker in the recent past.
Technology companies extended losses after analysts forecast muted revenue growth in the fiscal third quarter. Tata Consultancy Services fell 3.6%, Wipro lost 2.2%, while Infosys declined 2%.
However, Hindustan Unilever bucked the trend, gaining 1.9% after Deutsche Bank upgraded it to Buy from Hold.
Indian drug maker Jubilant Life Sciences also closed 3.7% higher, one of the handful of stocks to close in the black, after it received the final approval from the U.S. Food and Drug Administration for an Abbreviated New Drug Application of the generic version of Novartis' blockbuster hypertension drug Diovan.
Meanwhile, CLSA said it expects the Sensex to climb to 31,500 by December on the back of a 17% rise in earnings this year.
In the currency market, the rupee weakened against the U.S. dollar. In late spot market trading, a dollar was buying 63.60 rupees compared with 63.41 rupees Monday.
Write to Debiprasad Nayak at debi.nayak@wsj.com
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