SENSEX TANKS 400 PTS; HDFC TWINS DRAG
MUMBAI: Equity benchmark Sensex slumped 400 points on Wednesday tracking losses in index majors HDFC twins, Kotak Bank and TCS amid a weak trend in global markets.
The 30-share BSE index ended 400.34 points or 0.77% lower at 51,703.83, and the broader NSE Nifty tumbled 104.55 points or 0.68% to 15,208.90.
Nestle India was the top loser in the Sensex pack, shedding around 3%, followed by Bajaj Finserv, Asian Paints, IndusInd Bank, Maruti, HDFC twins and Dr Reddy’s. On the other hand, SBI, PowerGrid, NTPC and Reliance Industries were among the gainers. According to Binod Modi Head-Strategy at Reliance Securities, domestic equities witnessed pullback amid weak global cues.
“Profit-booking was visible in IT, Pharma and FMCG space, while PSU Banks continued to see investors’ interest with PSU Bank index rising briskly by over 6%,” he said.
Rotational trading was seen, where a number of mid cap and small cap stocks witnessed sharp uptick as improving earnings visibility is attracting investors to this space especially in sectors which are considered to be beneficiary of higher capex, he added.
Elsewhere in Asia, bourses in Hong Kong ended on a positive note, while those in Tokyo and Seoul were in the red.
Stock exchanges in Europe were also trading with losses in mid-session deals.
Meanwhile, the global oil benchmark Brent crude was trading 0.58% higher at $63.71 per barrel.
The rupee ended 5 paise lower at 72.74 (provisional) against the US dollar on Wednesday tracking losses in the domestic equity markets and strengthening American currency in global markets . At the interbank forex market, the local unit opened at 72.90 against the greenback and witnessed an intra-day high of 72.72 and a low of 72.92. It finally ended at 72.74 against the American currency.