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Equity market slumps over 1%; banking stocks tank

IANS  |  Mumbai 

The Indian equity market slumped by over 1 per cent on Monday as banking, automobile, healthcare and consumer durables stocks came under heavy selling pressure.

However, global cues such as positive Asian markets aided in arresting the downward spiral.

Accordingly, the S&P BSE Sensex closed the day's trade at 35,656.70 points, down 368.84 points or 1.02 per cent from its previous close.

The broader NSE Nifty50 lost 119 points or 1.10 per cent at 10,661.55 points.

The Sensitive Index of the BSE, which had closed at 36,025.54 points on Friday last week and opened higher at 36,099.62 points.

On January 25, the previous trade session, the Sensex had edged lower by 169.56 points or 0.47 per cent. The Nifty too went down by 69.25 points or 0.64 per cent.

"Market slid below 10,700 mark as uncertainty over global trade negotiation and US Fed policy later this week added volatility," said Vinod Nair, Head Of Research at Geojit Financial Services.

"Any progress in US China trade deal and a dovish view from FOMC meet amid global growth concern may provide respite to investor's dilemma. Additionally, weak set of earnings from auto major and selling in banks marked the tone of domestic indices."

On a company specific basis, the Zee Entertainment Enterprises Ltd (ZEEL) stock on Monday gained 16.64 per cent at Rs 372.50 a share, up Rs 53.15 from its previous close on the BSE.

The upswing in the stock price came a day after Zee and Essel Group Chairman Subhash Chandra said that the company management has successfully arrived at an understanding with lenders to whom the shares held by the group's promoters have been pledged.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 28 2019. 17:46 IST
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