Business Standard

Selling pressure in banking, auto stocks pull down markets


Equity benchmark indices witnessed wild swings on Friday but ended lower amid heavy selling pressure in banking, auto, and metal stocks.
Investors were reportedly surprised as Prime Minister Narendra Modi appointed Nirmala Sitharaman as the new Finance Minister.
There were reports earlier that either BJP strongman Amit Shah or Piyush Goyal could be named as the Finance Minister.
The BSE S & P Sensex opened at 39,999, saw a high of 40,122 but closed 118 points lower at 39,714. The Nifty 50 too tumbled 23 points down from its previous close to 11,923.
Except IT, all sectoral indices at the National Stock Exchange were in the red.Among stocks, Yes Bank shed 4.8 per cent while ITC lost 3.5 per cent. Grasim, Zee Entertainment and Vedanta also lost between 2 to 3 per cent.
On the other hand, Tech Mahindra, Tata Consultancy Services, Asian Paints, Indian Oil, and Britannia showed gains.
Meanwhile, Asian shares slid at first but soon drew month-end bargain hunting. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.3 per cent.
China's blue-chip index added 0.7 per cent but investors remained concerned over the US-China trade conflict.
In a surprise move, US President Donald Trump said a day earlier that Washington will impose a 5 per cent tariff on Mexican goods from June 10, which will steadily to 25 per cent, until illegal immigration across the southern border stops.

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First Published: May 31 2019 | 4:38 PM IST

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