Sensex under pressure; banks drag, Coal India outperforms

The market remained under pressure on the first day of the week. The Sensex fell 120.22 points to 26648.27 and the Nifty declined 41 points to 8073.70, dragged by banking & financials, technology, pharma and select auto stocks.

Shares of HDFC, Tata Motors, HUL, Sun Pharma, State Bank of India, Bharti Airtel, Cipla, BHEL and Hero Motocorp declined 1-2 percent. ICICI Bank and HDFC Bank lost 0.8 percent each.

However, Coal India outperformed with more than 1 percent gains after Morgan Stanley added the stock to its focus list. The brokerage sees improving realisations and policy reforms driving earnings over the coming couple of years. It forecasts average realisation increases of 6.5 percent per annum in F2015-17.

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Posted in: Indian Market Tips