Share market highlights: Sensex dropped by around 218 points or 0.60 per cent due to continued sell-off in banking, pharma, and metal stocks amid foreign fund outflows and weak Asian cues. The broad-based Nifty cracked below the 11,000-mark as 35 of its constituents closed in the red, led by pharma and metal shares, PTI reported.
Investors turned cautious after India’s trade deficit widened to a more than three-and-a-half-year high of USD 16.6 billion due to costlier crude oil imports and inflation based on wholesale prices shot up to 5.77 per cent in June, the agency reported brokers as saying. Notably, Foreign portfolio investors (FPIs) sold shares worth a net Rs 1,104.65 crore on Friday while domestic institutional investors (DIIs) net bought shares worth Rs 872 crore, as per provisional data.
Earlier, the broader Nifty 50 opened lower at 11,002, down by more than 15 points. Shares of PC Jeweller tanked by more than 30% after the company announced that it has withdrawn the Rs 424 crore buyback proposal. The shares tanked to the day’s low of Rs 83.95. Shares of IT major Infosys rallied by more than 5% to hit a record high, and crossed the Rs 3 lakh crore market capitalisation. The shares were trading at Rs 1,357.5 on NSE this afternoon.
Asian shares were lower on Monday after data from China showed the world’s second-largest economy slowed slightly in the second quarter, and as investors remain cautious over the impact of the heated Sino-U.S. trade war, Reuters reported. Here are all the stock market highlights.