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Sensex, Nifty fall over 1% on Indo-Myanmar border tension; banks drag

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SI Reporter  |  New Delhi 

stock-fall

Market rundwn by Anand James, Chief Market Strategist of Geojit Financial Services   Updates of military action in the Eastern border impelled the market to hasten the market’s falls which was already in a slippery slope ahead of F&O expiry. Sharp weakness in rupee and a rise in VIX also meant that risk takers were few. FII being reluctant buyer in Indian equities this month, and a volley of IPOs had earlier meant that the secondary market was finding hard to sustain at the 20 month peaks. Pharma was one of the biggest sectoral loser, down nearly 3% with Divi's Lab down over 10% for the day. Source: NSE Markets Check Nifty ended the day at 1.5 month low while the BSE Sensex settled at 3-month low. In broader markets, the BSE Midcap and BSE Smallcap indices shuts at 5-week low Sectoral Trend Source: NSE Nifty PSU Bank index ends at 2.5 month low Nifty PSU Bank index fell over 3% with all constituents trading in red.  Source: NSE Top Sensex gainers and losers Source: BSE

Benchmark indices fell over 1% on Wednesday, losing for seventh straight session after army conducted operation along India-Myanmar border. The BSE Sensex settled at a 3-month low while the broader Nifty50 index ended at 1.5 month low ahead of the September F&O expiry.

Investors were also on edge after rupee sank to a more than six-month low on foreign fund outflows. 

The sentiment was also dampened after a Reuters poll said that the Reserve Bank of India will hold policy steady at its October 4 meeting, and well past next year, amid weak economic growth and signs inflation may soon overshoot its target.

The latest poll of 60 economists showed although the RBI will hold its key repo rate at a seven-year low of 6 percent next week, it will downgrade its growth forecast again following disruptions caused by GST.

In August, despite a neutral policy bias, India's central bank cut the key policy rate after lowering its economic growth forecast in June to 7.3% from 7.4% for the current fiscal year.

Expectations of a rate hike by the US Federal Reserve and lingering North Korean worries also dented risk appetite.

Foreign investors have net sold $777 million worth of Indian shares so far this month. They sold nearly $2 billion worth of equities in August as stretched valuations and simmering North Korea tensions saw foreign investors pulling out.

The US Federal Reserve last week reiterated it would continue gradually raising interest rates, including once more this year.

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First Published: Wed, September 27 2017. 15:30 IST

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Sensex, Nifty fall over 1% on Indo-Myanmar border tension; banks drag

Catch all live market action here

Catch all live market action here
Benchmark indices fell over 1% on Wednesday, losing for seventh straight session after army conducted operation along India-Myanmar border. The BSE Sensex settled at a 3-month low while the broader Nifty50 index ended at 1.5 month low ahead of the September F&O expiry.

Investors were also on edge after rupee sank to a more than six-month low on foreign fund outflows. 

The sentiment was also dampened after a Reuters poll said that the Reserve Bank of India will hold policy steady at its October 4 meeting, and well past next year, amid weak economic growth and signs inflation may soon overshoot its target.

The latest poll of 60 economists showed although the RBI will hold its key repo rate at a seven-year low of 6 percent next week, it will downgrade its growth forecast again following disruptions caused by GST.

In August, despite a neutral policy bias, India's central bank cut the key policy rate after lowering its economic growth forecast in June to 7.3% from 7.4% for the current fiscal year.

Expectations of a rate hike by the US Federal Reserve and lingering North Korean worries also dented risk appetite.

Foreign investors have net sold $777 million worth of Indian shares so far this month. They sold nearly $2 billion worth of equities in August as stretched valuations and simmering North Korea tensions saw foreign investors pulling out.

The US Federal Reserve last week reiterated it would continue gradually raising interest rates, including once more this year.
 image
Business Standard
177 22

Sensex, Nifty fall over 1% on Indo-Myanmar border tension; banks drag

Catch all live market action here

Benchmark indices fell over 1% on Wednesday, losing for seventh straight session after army conducted operation along India-Myanmar border. The BSE Sensex settled at a 3-month low while the broader Nifty50 index ended at 1.5 month low ahead of the September F&O expiry.

Investors were also on edge after rupee sank to a more than six-month low on foreign fund outflows. 

The sentiment was also dampened after a Reuters poll said that the Reserve Bank of India will hold policy steady at its October 4 meeting, and well past next year, amid weak economic growth and signs inflation may soon overshoot its target.

The latest poll of 60 economists showed although the RBI will hold its key repo rate at a seven-year low of 6 percent next week, it will downgrade its growth forecast again following disruptions caused by GST.

In August, despite a neutral policy bias, India's central bank cut the key policy rate after lowering its economic growth forecast in June to 7.3% from 7.4% for the current fiscal year.

Expectations of a rate hike by the US Federal Reserve and lingering North Korean worries also dented risk appetite.

Foreign investors have net sold $777 million worth of Indian shares so far this month. They sold nearly $2 billion worth of equities in August as stretched valuations and simmering North Korea tensions saw foreign investors pulling out.

The US Federal Reserve last week reiterated it would continue gradually raising interest rates, including once more this year.

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Business Standard
177 22