Sensex under pressure, Nifty breaks 8200; banks, auto, FMCG fall :12-Dec-2016

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Equity benchmarks extended losses in morning trade with the Nifty breaking 8200 level.

The Sensex dropped 167.83 points to 26579.35 and the Nifty fell 64.25 points to 8197.50. About 1044 shares declined against 853 advancing shares on the BSE.

IRB Infrastructure is set to get a boost with an order win for 6-laning a part of NH-79A and NH-79. This is the third order in a couple of months and 30 km target has been completed, said VD Mhaiskar, company’s CMD.

Speaking to CNBC-TV18, he said the internal rate of return (IRR) is expected to be at 16-18 percent for the project,” said Mhaiskar.

Company’s share in golden quadrilateral is 20 percent and the company has Rs 14,000 crore in that quadrilateral. The company also expects to achieve financial closure in six months.

Government’s demonetisation move has impacted many sectors. Mhaiskar expects National Highways Authority of India (NHAI) to compensate for losses due to the cash clean-up drive.

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