Stock market declines on weak global cues, Sensex closes 188 points down; Kotak Bank worst Nifty loser

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Updated: August 16, 2018 4:15 PM

The domestic equity indices -- Sensex and Nifty -- closed Thursday's trade in the negative territory, battered by weak sentiment in the global markets, along with heavy selling pressure in index heavyweight stocks like Kotak Bank, Vedanta, HDFC, Tata Steel, Larsen and Toubro, and Wipro among others.

Sensex and Nifty closed Thursday’s trade in the negative territory, battered by weak sentiment in the global markets.

The domestic equity indices — Sensex and Nifty — closed Thursday’s trade in the negative territory, battered by weak sentiment in the global markets, along with heavy selling pressure in index heavyweight stocks like Kotak Bank, Vedanta, HDFC, Tata Steel, Larsen and Toubro, and Wipro among others. The Sensex of the BSE closed 188.44 points or 0.50% lower at 37,663.56 points. The Nifty 50 index of the National Stock Exchange closed 50.05 points or 0.44% down at 11,385.05 points. Kotak Bank emerged as the worst loser on both the Sensex and Nifty 50 indices on Thursday.

Among the top Sensex losers, the HDFC twins together wiped off 114 points from the Sensex index followed by Kotak Bank (-55.75), Reliance Industries (-35.12), LT (-25.33), Vedanta (-12.32) and Tata Steel (-8.50). The top gainers on the Sensex index were Sun Pharma, Bharti Airtel, Infosys, Tata Motors, Axis Bank, NTPC and Maruti Suzuki. In the broader markets, the S&P BSE mid-cap index fell by 0.48% and the small-cap index by 0.20%.

On the National Stock Exchange, the Nifty Bank index closed lower by 0.70% with Kotak Bank being the worst loser. Shares of Uday Kotak-led Kotak Mahindra Bank tanked nearly 4% on Thursday after India’s apex bank RBI on Tuesday notified that the bank’s preferential issue does not meet its dilution norms. Shares of Kotak Bank cracked almost 3.9% on the NSE before closing at Rs 1,245, down 3.71%.

Meanwhile, the rupee took a beating on Thursday’s trade and scaled a record low of 70.39 against the US dollar.  “The continued strength of the US economy and potential rate hikes by Fed could further weigh on EM currencies. The escalating trade issues could also pose greater risk to emerging market currencies. The major concern for INR comes from rising trade deficit and threat of higher CAD/GDP,” said Rusmik Oza, Senior VP (Head of Fundamental Research), Kotak Securities.

 

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