Global cues drag mkts to new lows
Dragged by the global cues coupled with disappointing Q3 numbers, the Indian stock markets cracked for the third consecutive day on Wednesday. Selling pressure brought down the benchmarking indices to new lows in the intra-day trading.
Mumbai: Dragged by the global cues coupled with disappointing Q3 numbers, the Indian stock markets cracked for the third consecutive day on Wednesday. Selling pressure brought down the benchmarking indices to new lows in the intra-day trading.
Analysts cautioned traders and investors to view the correction points out that there is asset quality problem with PSU Banks and questions the anticipated economic recovery, however, hopes that macro numbers would gradually improves and markets will outperform once turnaround starts.
Sensex closed down 262 points at 23,759 and Nifty ends 83 points lower at 7,216. Even broader markets also underperformed with midcap and smallcap indices down 1 per cent and 1.4 per cent.
Coming to sectoral front, all sector based indices closed in red expect energy sector ended flat. The shares of PSU banks, metals, infrastructure, realty and oil & gas came under heavy selling pressure. Also pharma shares lost ground with Dr Reddy's down by 2 per cent at the closing.
The gainers: Coal India, up 1.57 per cent at Rs 314.05; Larsen and Toubro, up 0.73 per cent at Rs 1,122.60; Maruti Suzuki, up 0.72 per cent at Rs 3,683; Reliance Industries, up 0.61 per cent at Rs 962.40; and Sun Pharma, up 0.28 per cent at Rs 856.60.
The losers: Tata Motors, down 6.04 per cent at Rs 291.85; State Bank of India (SBI), down 4.82 per cent at Rs 158.95; HDFC, down 3.71 per cent at Rs 1,116.80; Adani Ports, down 3.57 per cent at Rs 202.55; and Cipla, down 3.17 per cent at Rs 538.85.
Global economic turmoil hitting Indian markets: Govt
The Indian stock markets fall is linked to the turmoil in the global economy and measures are to taken to deal with the situation, the government said on Wednesday. "Global economy is in turmoil, markets are down. We know the challenges and are taking necessary measures," Economic Affairs Secretary Shaktikanta Das said in a tweet.