Sensex tanks 435 pts; Nifty gives up 15K
Sectorally, all indices ended in red today. The Nifty PSU bank index ended as the top laggard on the NSE, down 4.7%, after surging nearly 6% each over the past two days.
Extending its losses for the fourth straight session, equity benchmark Sensex slipped below the 51,000-mark by tumbling 435 points on Friday, tracking losses in ICICI Bank, Axis Bank and SBI.
The 30-share BSE index ended 435 points or 0.85% lower at 50,889.
Similarly, the broader NSE Nifty gave up the 15,000 level, dropping 137 points or 0.91% to 14,981.
ONGC was the top loser in the Sensex pack, shedding around 5 per cent, followed by SBI, Axis Bank, ICICI Bank, Bajaj Auto and Maruti.
On the other hand, IndusInd Bank, HUL, Dr Reddy’s, NTPC and Reliance Industries were among the gainers.
Sectorally, all indices ended in red today. The Nifty PSU bank index ended as the top laggard on the NSE, down 4.7%, after surging nearly 6% each over the past two days. That apart, Nifty Metal, Bank and Auto indices fell 2% each.
According to Binod Modi, Head-Strategy at Reliance Securities, domestic equities fell sharply as profit booking across the sectors dragged the benchmark indices.
“A pullback in broad index was quite visible in the last three days. However, investors continued to show interest in midcap and smallcap stocks given improved earnings outlook,” he added.
The Nifty-50 and BSE Sensex declined by 1.2% this week as market mood became cautious on rising global and local bond yields. The broader markets that is NSE Mid Cap 100 Index and BSE Small Cap Index are both in the green this week.
“In India too the 10-year bond yields have moved up from the recent low of 5.76% to 6.13%, which could mainly be linked to the higher fiscal deficit estimates… Almost 37 stocks from Nifty-50 lost ground this week with pharma and select consumers having lost the most,” said Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities.
Elsewhere in Asia, markets in Tokyo ended on a negative note, while Shanghai, Hong Kong and Seoul closed with gains.
Stock exchanges in Europe were also trading in the positive terrain in mid-session deals.
Meanwhile, the global oil benchmark Brent crude was trading 1.24 per cent lower at USD 63.14 per barrel.
(With inputs from PTI)
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