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Sensex dips below 27K to 1-week low on fresh capital flight fears

Heavy sell-off mainly in Sun Pharma, ONGC and Coal India led the benchmark S&P BSE Sensex to drop by another 61.54 points or 0.23 per cent to end below 27K-mark after more-than one-week at 26,995.87.

Similarly, the broader 50-issue CNX Nifty of the NSE also eased by 8.40 points or 0.10 per cent  to one-week low of 8,085.70.

After overnight steep fall on fears of earlier interest rates hike by the Federal Reserve, the US President Barack Obama promised to ‘degrade and ultimately destroy’ the Islamic State (IS), including American strikes for the first time in Syria and deployment of 475 military advisers to Iraq, which dampened the sentiment.

The market is also looking forward to the macro economic data — CPI, WPI and industrial production—to be announced on Friday and early next week for further direction. Weak Asian as well as European cues ahead of US jobless claims data and China’s subdued inflation last month too weighed negatively.

The Cabinet Committee on Economic Affairs (CCEA) approved stake sales in state-run companies ONGC, Coal India and NHPC to get nearly Rs 45,000 crore this financial year as a part of government’s divestment programme outlined in the Union Budget 2014-15. Pharmaceutical major Sun Pharma was the top loser from the Sensex pack with a fall of 4.29 pct on reports of a surprise inspection at the drugmaker’s Halol facility in Gujarat plant, which contributes 40 pct of US sales, by the US Food and Drug Administration.
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