Sensex hits three-month low
Indian stock markets back in the red zone again on Friday with global cues and domestic issues hitting the investors’ sentiment.
Nifty down by 72 points as global cues, delay in tax reforms weigh on bourses
Mumbai: Indian stock markets back in the red zone again on Friday with global cues and domestic issues hitting the investors’ sentiment.
The benchmark BSE Sensex reversed Thursday’s positive trend and fell by 208 points to end the week at the three-month low of 25,044.43 as foreign fund outflows, delay in tax reforms and upcoming meeting of US Fed scheduled for next week weighed on the bourses. Besides, shares of automakers dropped after the National Green Tribunal (NGT) ordered that diesel-run vehicles will not be registered in Delhi. This was the seventh fall in last eight sessions.
Weighed down by heavy selling in blue-chips, the BSE Sensex crashed below the crucial 25,000-mark to hit a low of 24,930.43 during mid-session. However, on value-buying in select counters it managed to close above 25,000 at over three-month low of 25,044.43, revealing a fall of 207.89 points or 0.82 per cent. The NSE Nifty after slipping below the 7,600-level to hit a low of 7,575.30 towards the middle of session finally settled 72.85 points or 0.95 per cent lower at 7,610.45.
On a weekly basis, Sensex lost 593.68 points or 2.31 per cent and the NSE Nifty dropped 171.45 points or 2.20 per cent. Auto sector stocks came under pressure after the NGT cracked down on purchase of diesel vehicles.
Tata Motors, M&M, Maruti Suzuki, Ashok Leyland and Eicher Motors plunged up to 2.98 per cent, dragging down the Auto index by 1.71 per cent. Besides, the BSE Banking index fell by 2.25 per cent as stocks of ICICI Bank, Axis Bank, SBI and HDFC Bank too suffered losses up to 3.60 per cent on a major sell-off.
Bucking the trend, Tata Steel surged the most 3.41 per cent followed by Hindalco 0.73 per cent, Cipla 0.66 per cent, HUL 0.60 per cent and Vedanta 0.36 per cent. In broader markets, the BSE mid-cap index edged lower by 1.18 per cent while small-cap shed 0.81 per cent.