You are here: Home » Markets » News

MARKET WRAP: Sensex ends 463 pts lower, Nifty below 11,000; SBI dips 4.6%

In the broader market, the S&P BSE Mid-cap slipped 117 points, or 0.86 per cent, to end at 13,526 level while the S&P BSE Small-cap settled at 12,552 level, down 140 points, or 1.1 per cent.

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

markets
Thursday's carnage on D-Street dragged indices to fresh five-month lows with the S&P BSE Sensex slipping below the 37,000 mark. On the other hand, the broader Nifty50, too, breached 11,000 mark in the intra-day trade. The Sensex plunged 787 points intra-day to hit a low of 36,694, while the Nifty50 shed 204 points to touch 10,881 mark. Mixed corporate earnings, weak domestic and global cues, and continuous selling by foreign portfolio investors (FPIs) were among the key reasons for the fall.

The Sensex ended 463 points, or 1.23 per cent, lower at 37,018 level after recovery in stocks like Maruti Suzuki, Reliance Industries, HDFC twins, and Hindustan Unilever helped the index to pare losses partially.

Vedanta, State Bank of India, Tata Motors, and Bharti Airtel were the top laggards at close, while Maruti Suzuki, Reliance Industries, Power Grid, and Bajaj Auto ended the day as top gainer. The Nifty50, too, ended the day with losses of 138 points, or 1.24 per cent, at 10,980 mark.

"Global were expecting a more dovish US Fed and are disappointed by 'mid-cycle adjustment' this has led to a rise in the dollar (DXY was at 2 year high) this is not good for EM equities. For Indian equities, this is on top of the headwinds it has faced recently, like FII selling on account of tax proposals," said Vivek Ranjan Misra, head of fundamental research at Karvy Stock Broking.

Adding: "The next important trigger is the RBI policy meeting next week, and any policy decision the government may take to stimulate the economy. We continue to believe that the economy should stabilize in Q2 FY 2019-20 and the should be in better shape in a couple of quarters.”

BROADER MARKETS

In the broader market, the S&P BSE Mid-cap slipped 117 points, or 0.86 per cent, to end at 13,526 level while the S&P BSE Small-cap settled at 12,552 level, down 140 points, or 1.1 per cent.

Sectorally, all the indices ended in the red, barring the Nifty Auto index. Nifty Metal index slipped the most, ending the day with a cut of over 3 per cent, followed by Nifty PSU Bank index, down 2.66 per cent. NIfty Auto index ended the day flat.
 
MARKET OUTLOOK
 
Analysts say there is more pain in store for the markets, as developments – both global and domestic – are likely to dent sentiment further. Over the next few months, the progress of monsoon, which will have a bearing on inflation and the interest rate trajectory, corporate earnings and the overall health of the Indian economy, besides global cues, are some of the factors that will have a bearing on how the pan out. READ MORE

GLOBAL CUES

Asian shares slipped to six-week lows on Thursday while the dollar jumped to two-year highs as the US Federal Reserve rattled markets by signaling that its first rate cut in more than a decade was not the start of a lengthy easing cycle. Japan's Nikkei ended the day flat, up 0.09 per cent, while South Korea's Kospi ended 0.36 per cent lower.

CATCH ALL THE LIVE UPDATES

Auto Refresh