Sensex falls over 300 points ahead of Q2 GDP data; key reasons

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Published: November 29, 2019 4:28:04 PM

Ending the two-day rising streak, benchmark equity indices -- Sensex and Nifty -- ended on a negative note ahead of the release of Q2 GDP data.

While the 30-share Sensex pared some losses, ending 336.36 points or 0.82 per cent lower at 40,793.81, the broader NSE Nifty also settled 95.10 points or 0.78 per cent down at 12,056.05.

Ending the two-day rising streak, benchmark equity indices — Sensex and Nifty — ended on a negative note ahead of the release of Q2 GDP data. While the 30-share Sensex pared some losses, ending 336.36 points or 0.82 per cent lower at 40,793.81, the broader NSE Nifty also settled 95.10 points or 0.78 per cent down at 12,056.05. Yes Bank was the top loser in the Sensex pack, followed by HUL, M&M, SBI, Tata Motors, and Vedanta. The top gainers were Bharti Airtel, HDFC Bank and NTPC. The investors were cautious ahead of the GDP data scheduled to be released later in the day, news agency PTI reported citing unidentified traders.

“Markets will react to the GDP numbers in early trade on Monday. The recent feud between the US and China over Hong Kong could induce volatility in the global markets. Amid all, we reiterate our bullish view and suggest continuing with stock-specific trading approach,” Ajit Mishra, VP – Research, Religare Broking said.

Also read: Enough of fighting black money; now, revive white economy, Arvind Virmani tells Modi govt

The stock markets in Hong Kong, Tokyo, Kospi and Seoul ended in the red as US law supporting pro-democracy protesters in Hong Kong put a dampener on hopes of an early trade truce over tariffs. The stocks in Europe were trading on a positive note. Meanwhile, the rupee depreciated 17 paise (intra-day) against the US dollar to 71.79. The brent crude, the global oil benchmark, fell 0.79 per cent to $62.77 per barrel in futures trade.

The benchmark stock indices extended their record-breaking run for the second day on Thursday, propped up by gains in index heavyweights ICICI Bank and Reliance Industries, which became the first Indian firm to breach the Rs 10-lakh crore market valuation mark. The 30-share Sensex rose to an all-time high (intra-day) of 41,163.79 before setting up by 109.56 points or 0.27 percent at 41,130.17 — its record closing high.

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