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MARKET WRAP: Sensex slips 354 pts on weak global cues, Nifty ends at 11,584
All thay happened in markets today.
The double whammy of concerns over softening global growth and the fear of US-EU trade war after the US President Donald Trump threatened on Tuesday to impose tariffs on $11 billion worth of EU products, weighed on investor sentiment on Wednesday.
The S&P BSE Sensex lost 354 points or 0.91 per cent to settle at 38,585, with Bharti Airtel (down nearly 4 per cent) being the biggest loser and Tata Motors (up around 5 per cent) the top gainer. HDFC duo, TCS, Infosys and RIL contributed the most the index's fall.
Market breadth was in favour of declines as out of 2,711 companies traded on BSE, 1,392 scrips declined and 1,144 advanced while 175 securities remained unchanged.
In the broader market, the S&P BSE MidCap index ended 52 points or 0.33 per cent lower at 15,369 whereas the S&P BSE SmallCap index ended flat at 14,969, down just 3 points or 0.02 per cent.
The broader Nifty50 index of the National Stock Exchange (NSE) ended below the 11,600 level at 11,584, down 88 points or 0.75 per cent.
Volatility benchmark India VIX ended over 4 per cent higher at 21.09.
Financial stocks bled the most in trade, followed by metals and IT. Realty stocks, on the other hand, advanced the most. The Nifty Realty index ended at 276.85 level, up over 1 per cent.
Shares of Tata Motors ended nearly 5 per cent higher at Rs 215.65 apiece on the BSE on the expectation of margin expansion due to an improvement in Jaguar Land Rover (JLR’s) businesses.
Shares of Praj Industries gained nearly 11 per cent during the session after the company announced it has signed a Construction License Agreement (CLA) with US-based Gevo Inc to commercialise the technology for the production of isobutanol using sugar-based feedstocks, such as juice, syrup, and molasses. The stock, eventually, ended at Rs 147 apiece on BSE, up around 7 per cent.
Wipro ended nearly 3 per cent higher at 281 on the BSE after a news report said the company is likely to announce share buyback worth of Rs 12,000 crore.
On the other hand, Vodafone Idea closed over 3 per cent lower at Rs 16.35 apiece on the BSE. The company's Rs 25,000 crore rights issue opened today.
Asian shares slipped from eight-month highs on Wednesday as the International Monetary Fund lowered its global growth outlook and as the United States and Europe locked horns over tariffs in a fresh escalation of trade tensions.
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.1 per cent, a day after it hit its highest since August 1. The Shanghai Composite Index fell 0.4 per cent and Japan’s Nikkei lost 0.7 per cent.
(With inputs from Reuters)