Live
- Bommai hiked quota for SCs/STs to uphold social justice: Seer
- Rajahmundry MP Margani Bharat demands comprehensive probe on into Attack on Jagan
- 50 Families from YSRCP in Kota Nemalipuri Village Join Telugu Desam Party
- NDA Meeting Held in Janasena Party's New Office
- MLA Mekapati Vikram Reddy express confidence in YSRCP coming back to power
- TDP MP Candidate Kesineni Chinni says Sujana's Victory as Turning Point for West Development
- AP has seen a rapid development in YSRCP regime, says YS Jagan
- Plans Underway to Bring IT Companies to Gannavaram, Assures Yarlagadda Venkatarao's Wife Gnaneshwari
- TDP Candidate Vasantha Krishna Prasad Begins Election Campaign in Mylavaram Constituency
- Chaitra Navratri Day 8: Colour of the day, and Significance
Sensex ends below 57k amid global sell-off
BSE Sensex
Key indices skid for 6th session; metal, banking stocks tumble amid global sell-off; Ongoing RBI MPC meeting and monthly derivatives expiry on Thursday are keeping investors on edge
Mumbai: BSE benchmark Sensex spiralled lower for the sixth consecutive session on Wednesday to finish below the 57,000-level, weighed by heavy selling in metal, banking and finance stocks amid a sell-off in global equities. A depreciating rupee and continued foreign capital outflows also affected the market sentiment, traders said.
The 30-share BSE Sensex fell 509.24 points or 0.89 per cent to settle at 56,598.28. During the day, it tanked 621.85 points or 1.08 per cent to 56,485.67. Similarly, the broader NSE Nifty declined 148.80 points or 0.87 per cent to end at 16,858.60.
ITC was the top laggard in the Sensex pack, shedding 2.97 per cent, followed by Axis Bank, Reliance Industries, Tata Steel, IndusInd Bank, State Bank of India, and HDFC twins. On the other hand, Asian Paints, Sun Pharma, Dr Reddy's and Power Grid were among the winners.
"Investors continue to be skeptical of the domestic market's higher premium amid the ongoing global deceleration while foreign investors are fleeing emerging economies in search of safer havens. Although the domestic economy is buoyed by solid fundamentals, the stock market's appetite for risk has been hindered by the rising worries of a worldwide recession," Vinod Nair, head (research) at Geojit Financial Services.
"Nifty fell for the sixth consecutive session on September 28, pulled down by weak global cues and a falling Rupee," Deepak Jasani, head (retail research), HDFC Securities.
Foreign institutional investors (FIIs) offloaded shares worth Rs 2,823.96 crore on Tuesday, according to data available with BSE.
"Domestic equity continued its downfall in sync with its global peers. Markets across the globe are seeing extreme volatility as fear of an economic downturn weighed on investors' sentiments. Back home aggressive FIIs selling in recent sessions, the upcoming RBI MPC meeting and the monthly derivatives expiry on Thursday are keeping investors on edge. Nifty gave up its key support levels and drifted below 17k zones. In the near term, the market is expected to remain under pressure due to global uncertainty. However mixed trends across sectors would continue to offer stock-specific opportunities, especially in auto, consumption with the ongoing festive season," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
In the broader market, the BSE midCap gauge declined 0.47 per cent and smallcap index dipped 0.43 per cent. Among the BSE sectoral indices, the metal fell by 2.32 per cent, bank (1.52 per cent), financial services (1.31 per cent), energy (1.09 per cent), commodities (1.06 per cent) and realty (0.76 per cent). Healthcare, IT, consumer discretionary and teck were among the gainers. A total of 2,092 firms declined, while 1,335 advanced and 105 remained unchanged.
