Indian stock markets ended lower for the sixth straight session on Wednesday with Sensex slipping to a three-month low as heavyweight bankers such as SBI, PNB, ICICI Bank, Bank of Baroda, HDFC Bank and Axis Bank collapsed while Adani group shares tumbled up to 8%.
Indian stock markets ended lower for the sixth straight session on Wednesday with Sensex slipping to a three-month low as heavyweight bankers such as SBI, PNB, ICICI Bank, Bank of Baroda, HDFC Bank and Axis Bank collapsed while Adani group shares tumbled up to 8%. The benchmark Sensex index had lost a phenomenal chunk in last six sessions losing as much as 1,413 points to 33,033 from a level of 34,445 (on 26 February 2018). Today only, the S&P BSE Sensex crashed 284.11 points or 0.85% to end at a three-month low of 33,033.09 and NSE Nifty tumbled 95.05 points or 0.93% to conclude at 10,154.2. Among the Sensex constituents, shares of Adani Ports, State Bank of India, ICICI Bank, Bharti Airtel, ONGC, Reliance Industries lost 2-6% today.
The stock of Adani Ports alone with other scrips of Adani group lost up to 8% in Wednesday’s session after the remarks of Rajya Sabha MP Arvind Subramanian. The stock of Adani transmission shed 7.67% to end at Rs 179.95; Adani Power fell 7.28% to Rs 27.4; Adani Enterprises dived 6.65% to Rs 173.5 while the stock of blue-chip stock Adani Ports emerged as the biggest Sensex loser dropping 5.93% to Rs 379.85. Other than Adani Ports, shares of State Bank of India (down 3.84%), ICICI Bank (down 2.85%), Bharti Airtel (down 2.53%), ONGC (down 2.32%), Reliance Industries (down 2.12%), Tata Steel (down 1.89%), L&T (down 1.64%), M&M (down 1.46%), Sun Pharma (down 1.24%), Dr Reddy’s (down 1.22%), and HDFC Bank (down 0.94%) closed down.
In today’s session, PSU bank shares faced a major decline with shares of Indian Bank, Bank of India, PNB, IDBI Bank, State Bank of India, Allahabad Bank, Canara Bank and Andhra Bank losing 2-7%. During the day, the 30-share barometer Sensex slipped below 33,000-mark plunging as many as 326.06 points to hit a three-month low of 32,991.14. Shares of heavyweight companies such as RIL, ICICI Bank, SBI, HDFC Bank, L&T, Adani Ports, ONGC, Bharti Airtel, TCS contributed heavily to the Sensex losses. Collectively these nine stocks alone washed away as much as 274 points while a little uptick in shares of ITC and Maruti Suzuki helped to trim partial losses adding 31 points.
Among the ‘A’ group shares of BSE, stocks of Vakrangee, Central Bank of India, IPCA Lab, Hexaware Technologies, Network18 Media & Investment gained 2-5% while Fortis Healthcare, VA Tech Wabag, Jaiprakash Associates, Karnataka Bank tanked 8-9%.