Shell order hits Dalal Street: Sensex falls 1000 points in 7 sessions to one-month low

By: | Updated: August 10, 2017 4:13 PM

Indian equity markets dropped to one-month lows on Thursday as SEBI’s shell order continues to hurt the sentiments. The benchmark Sensex has lost over 1,000 points in last seven trading sessions to a one-month low of 31,422.8 points.

BSE Sensex ended 0.84% down at 31,531.33 points while NSE Nifty settled 0.89% lower at 9,820.25 points. (Image: BSE)

Indian equity markets dropped to one-month lows on Thursday as SEBI’s shell order continues to hurt the sentiments. The dull first quarter corporate earnings also distressed the mood of market participants and the ongoing cross border tensions between the United States and North Korea further muted the activity. The benchmark Sensex has lost over 1,000 points in last seven trading sessions to a one-month low of 31,422.8 points.

Today the worst performer was Tata Motors which tumbled over 9% to a 52-week low after it reported a 41.54%  jump in net profit to Rs 3,199.93 crore for April-June quarter of the current fiscal. The rise in profit was majorly due to one-time gain relating to changes made to Jaguar Land Rover pension plans. The stock of the heavyweight automaker tumbled 9.8% to the 52-week low of Rs 375.25.

Shares of Tata Motors along with HDFC, Reliance Industries, SBI, Sun Pharma were the major contributors in the fall of the benchmark Sensex. The 30-share barometer declined 375 points in today’s trade to 31,422.8 while the broader Nifty 50 slipped 131 points in the intraday trade to a low of 9,777 points.

The domestic stock markets were subdued throughout the day with Sensex and Nifty abiding in negative territory. Despite a choppy trade today, some of the stocks that spiked up to 5% today in the market today are Aurobindo Pharma, Tech Mahindra, Britannia, Infosys and HDIL.

All the sectoral indices of NSE namely bank, auto, financial services, FMCG, media, metal, pharma ended in red with losses up to 5.07% while IT index gained 0.46%. The major laggards were Nifty Media (down 3.45%), Nifty Pharma (down 2.89%), Nifty PSU Bank (down 2.65%), Nifty Realty (down 5.07%). BSE Sensex ended 0.84% down at 31,531.33 points while NSE Nifty settled 0.89% lower at 9,820.25 points.

US stocks trimmed the losses on Wednesday but ended lower as investors appeared to brush off geopolitical concerns after falling in the wake of US President Donald Trump’s “fire and fury” warning to North Korea. The Dow Jones Industrial Average fell 0.17% to end at 22,048.7 points, the S&P 500 lost 0.04%, to 2,474.02 points and the Nasdaq Composite dropped 0.28%, to 6,352.33 points.

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