Indian stock markets closed in negative territory on Friday with Sensex shedding 410 points to settle at a six-month low as US President Donald Trump's imposition of tariffs on Chinese imports rattled investors around the globe. We take a look at the stock market activity on Friday as Sensex ends at a six-month low.
Indian stock markets closed in negative territory on Friday with Sensex shedding 410 points to settle at a six-month low as US President Donald Trump’s imposition of tariffs on Chinese imports rattled investors around the globe. In a major development on Thursday, Donald Trump inked a memorandum that imposed tariffs on the dispensation of goods and investment from the Mainland China. On the back of which, a global sell-off was seen in the stock markets from the United States to Australia with Japan, India, China, South Korea, Taiwan emerging as the worst hit among regional Asian peers.
We take a look at the stock market activity on Friday as Sensex ends at a six-month low
- The S&P BSE Sensex lost as much as 409.73 points or 1.24% to close at a six-month low of 32,596.54 whereas NSE Nifty declined by 116.7 points or 1.15% to conclude below 10,000-mark for the first time in 2018 at 9,998.05 on Friday.
- Shares of Yes Bank (down 3.87%), Axis Bank (down 3.34%), State Bank of India (down 2.9%), ICICI Bank (down 2.73%), Tata Steel (down 2.4%), Tata Motors (down 2.1%), L&T (down 2.07%), Dr Reddy’s (down 1.88%), Bajaj Auto (down 1.84%), Reliance Industries (down 1.59%), Kotak Mahindra Bank (down 1.44%), Wipro (down 1.4%), HDFC (down 1.29%), HDFC Bank (down 1.25%), Sun Pharma (down 1.21%), Hero MotoCorp (down 1.16%), Hindustan Unilever (down 1.09%), Maruti Suzuki (down 1.01%) and Bharti Airtel (down 0.99%) were the top losers among the BSE Sensex components.
- On the other hand, shares of heavyweight companies such as ICICI Bank, HDFC Bank, Reliance Industries, HDFC, L&T, Axis Bank, State Bank of India, Yes Bank contributed the most to the Sensex drop. Jointly, these eight stocks alone wiped off as much as 299 points out of the 410-point decline in the Sensex.
- All the sectoral indices of National Stock Exchange ended in red barring Nifty IT and Nifty Media. Out of the eleven sectoral indicators, Nifty PSU Bank, Nifty Realty, Nifty Realty, Nifty Metal, Nifty Bank, Nifty Financial Services, Nifty Private Bank, Nifty Pharma led the losses by diving up to 3.3%.
- Across the stock markets, apart from blue-chip stock indices Sensex and Nifty, mid-caps and small-caps performance was even worse on Friday. The broader market indices such as Nifty 100, Nifty 200, Nifty 500, Nifty Small100 free, Nifty Midcap 50, Nifty Mid100 Free lost up to 2.2%.
- Indian equities on Friday traded amid the increased volatility as domestic markets touched their day’s bottom in the morning deals only. India Vix, the volatility indicator, moved between 16.3800 and 15.2475 before closing up 3.06% at 15.7150 on Friday.
- During the day, the benchmark Sensex tumbled as much as 471.44 points to a 6-month low of 32,534.83, its lowest level since 24 October 2017 (Sensex: 32,502.08). The broader Nifty index slipped below the psychological mark of 10,000 falling as much as 153.45 points to over a six-month low of 9,961.3, its lowest since 11 October 2017 (Nifty: 9,955.8).
- Shares of the Mumbai-headquartered state-owned PSU lender Union Bank of India tumbled to 11-year low as Rs 1,394 crore fraud gripped the public sector bank along with seven other bankers. The stock of Union Bank of India crashed as much as 9.13% to an 11-year low of Rs 86.05 before closing down 8.39% at Rs 86.85 on NSE on Friday.
- Among the ‘A’ group shares of BSE, other than Union Bank of India, shares of Syndicate Bank, Fortis Healthcare, SAIL, Jai Corp Ltd, IDBI Bank, Marksans Pharma, Jaiprakash Associates, MMTC, MCX, Oriental Bank of Commerce, Vedanta, and Andhra Bank lost 5% to 8% whereas shares of HCC, Videocon Industries, Dish TV, Sadbhav Engineering, Mannapuram Finance, L&T Tech, Persistent Systems, Jubilant Life Sciences, HCL Tech, Zee Entertainment, Oil India, JK Lakshmi Cement, PI Industries and Bharti Infratel rose 2% to 5%.
- Shares of the downtrodden and scam-hit Gitanjali Gems slipped below Rs 10 for the first time on Friday losing nearly 85% of its value since India’s biggest banking fraud unravelled at nation’s second-largest PSU bank PNB. The stock of Gitanjali Gems had fallen as much as 84.73% to an all-time low of Rs 9.6 from a share price level of Rs 62.85 (closing price on 12 February 2018) on NSE since PNB fraud.