Sensex sees over 100 point fall; this major concern hit investor sentiment

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Published: December 3, 2019 4:31:09 PM

While Sensex settled at 40,675.45, down 0.31 per cent or 126.72 points, while the broader NSE Nifty settled at 11,994.20, showing a drop of 0.45 per cent or 54 points.

The 30-share BSE Sensex fell 126 points, with the metal stocks worst hit among sectoral indices on global trade concerns.

The benchmark equity index Sensex on Tuesday settled on a negative note, tracking weak global cues and losses in metal stocks. The 30-share BSE Sensex fell 126 points, with the metal stocks worst hit among sectoral indices on global trade concerns. The market is worried over a broadening trade war after the US President Donald Trump slapped tariffs on select metal imports from Brazil and Argentina. While Sensex settled at 40,675.45, down 0.31 per cent or 126.72 points, while the broader NSE Nifty settled at 11,994.20, showing a drop of 0.45 per cent or 54 points. On the Sensex chart, Yes Bank was the worst hit with 7.81 per cent decline. It was followed by Tata Steel, Vedanta, M&M, IndusInd Bank and Tata Motors. The major gainers included Bajaj Auto, TCS, Kotak Bank, Infosys and HDFC.

“Investor sentiments in the near-term are likely to be muted given the weak macro data. Further, RBI monetary policy on December 05 will be crucial as at least 25 bps rate cut is expected as the central bank is likely to place economic growth on the forefront despite higher inflation. On the global front, the recent tariffs by US on steel imports from Brazil and Argentina may make investors jittery over global trade concerns. We suggest buy on dips approach amidst market volatility,” Ajit Mishra, VP – Research, Religare Broking said.

Also read: CSB Bank shares to debut tomorrow after stellar IPO: Listing day strategy for investors

Meanwhile, the IPO of Ujjivan Small Finance Bank got subscribed by more than 2.5 times, according to data from NSE. Ujjivan Small Finance Bank IPO to raise up to Rs 750 crore got fully subscribed on the first day, backed by strong demand from retail investors. The issue received bids for 48 crore shares as against the issue size of 12.39 crore shares, totalling to a subscription of nearly 4 times, data from NSE showed.

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