1. Sensex slips 80 points, Nifty trips below 9,700 as sell-off continues

Sensex slips 80 points, Nifty trips below 9,700 as sell-off continues

The key equity indices Sensex and Nifty gained slightly to open higher but within a minute of trading both fell into negative territory, marking the eighth consecutive day of sell-off.

By: | Published: September 28, 2017 9:55 AM
Bombay Stock Exchange building. (Image: Reuters)

The key equity indices Sensex and Nifty gained slightly to open higher but within a minute of trading both fell into negative territory, marking the eighth consecutive day of sell-off. BSE Sensex gained about 56 points to open at 31,216.36 points, but immediately after one minute drifted down and lost around 80 points to hit the day’s low of 31,081.83 points while NSE Nifty started flat, inched down in a couple of minutes and shed 48 points to mark the day’s low of 9,687.55 points. Meanwhile, most of the Asian shares rose in the early trade following the optimism over President Donald Trump’s tax-cut plan. The sectoral indices of NSE also took a hit, led by the slump in Nifty Bank, Nifty Auto, Nifty Media, Nifty CPSE, and Nifty PSE indices which fell up to 1.3% in the early trade.

Shares of Asian Paints were the worst loser on Sensex, fell 2.6% to the day’s low of Rs 1,131. Other stocks which traded down include ONGC (), Hero MotoCorp (), Adani Ports (), HUL (), And Maruti Suzuki (), while on the other hand, IT stocks fared on the back of weaker rupee and ITC was the biggest gainer on the benchmark Sensex, rose as much as 1.5% to Rs 262.5. The stocks of heavyweight companies such as Reliance Industries, HDFC Bank, Asian Paints, Maruti Suzuki, and HUL contributed the most to the Sensex decline. Collectively these five stocks washed off about 70 points out of 56 point drop in the index while ITC, TCS, and Infosys helped to trim the losses.

US stocks ended up on Wednesday, as gains in financial shares were powered by increasing expectations for a December rate hike and on hopes President Donald Trump’s administration may be making progress on a tax plan. Based on latest available data, the Dow Jones Industrial Average rose 56.39 points or 0.25% to 22,340.71 points, the S&P 500 gained 10.2 points or 0.41% to 2,507.04 points and the Nasdaq Composite added 73.10 points or 1.15% to 6,453.26 points.

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