The benchmark equity indices -- Sensex and Nifty -- plunged on Thursday pulled down by losses in banking auto and metal stocks.
The benchmark equity indices — Sensex and Nifty — plunged on Thursday pulled down by losses in banking auto and metal stocks. The 30-share Sensex fell 297.55 points at 38,880.40, while NSE Nifty dropped 78.75 points to close at 11,234.55. The top gainers in the Sensex pack were Bharti Airtel, RIL, HUL, HCL Tech, PowerGrid, Sun Pharma, Asian Paints and Bajaj Auto. Among the top laggards were IndusInd Bank, Yes Bank, Tata Motors, Vedanta, ICICI Bank, SBI, HDFC Bank and Tata Steel. On Wednesday, the stock markets had rallied on anticipation that the festive season will boost consumer demand. The traders said that downbeat earnings outlook weighed on investor sentiment in today’s trade.
“Markets will first react to TCS numbers in early trade on Friday and then focus would shift to the Infosys results. Besides, the trade talks between the US and China will also remain on the participants’ radar. In short, we expect a volatile session thus we suggest focusing more on trade management and preferring index majors,” Ajit Mishra Vice President, Research, Religare Broking said.
News agency PTI reported Sunil Tirumalai, Head of Research and Strategist, Emkay Global Financial Services, as saying that he expects the growth trends to become weaker further from the levels seen in the first quarter, with the fall led by auto, telecom, power, IT services and pharma sectors.
The rupee appreciated marginally to 71.04 against the US dollar intraday. The brent crude futures, the global oil benchmark, fell 0.74 per cent to $57.89 per barrel. In the early sessions of trade, equities in Europe were trading higher. Meanwhile, Moody’s Investors Service on Thursday slashed its 2019-20 GDP growth forecast for India to 5.8 per cent from 6.2 per cent earlier, saying the economy was experiencing a pronounced slowdown which is partly related to long-lasting factors.