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Market Wrap, May 7: Last-hour selling drags Sensex lower by 324 points

Among sectoral indices, only Nifty IT ended in green. The Nifty Media index was the top loser, down 2.74 per cent while the Nifty PSU Bank index also slipped 2.2 per cent

BS Web Team  |  New Delhi 

Investors on Tuesday went on a last-hour selling spree to bring down the benchmark indices which ended with substantial losses for the second consecutive day. and industry heavyweights like Reliance Industries, ICICI Bank, ITC, Tata Motors and Indian Corporation (IOC) dragged the indices down with the Nifty50 giving up 11,500 level.

The S&P ended the day 324 points, or 0.84 per cent, lower at 38,277, with Tata Motors, ICICI Bank, Bharti Airtel, Reliance Industries, and Vedanta among the top losers. Only seven of the 30 constituents of the BSE ended the day with gains.

The broader Nifty50 lost over 200 points, or 0.87 per cent, to settle the day at 11,498. advance decline

Among sectoral indices, only IT ended in green. The Media index was the top loser, down 2.74 per cent while the PSU Bank index also slipped 2.2 per cent.

In the broader market, the erased 144 points, or 0.98 per cent, at 14,523, while the ruled at 14,302, down 122 points, or 0.85 per cent.

BUZZING STOCKS

Shares of home-grown FMCG firm Marico ended the day 5.59 per cent higher at Rs 359 on the BSE after the company reported strong set of numbers for the fourth quarter (January-March) of the financial year 2018-19 (FY19).

Shares of ICICI Bank slipped 3.77 per cent during the day at Rs 386.25, a day after the lender reported 5 per cent fall in net profit for the quarter ended March 2019 (Q4) to Rs 969 crore. The decline in profit was due to higher operating expenses and treasury income plunging to Rs 156 crore versus Rs 2,685 crore a year-ago padded with Rs 3,320 crore of profit from stake sale in ICICI Securities

First Published: Tue, May 07 2019. 16:34 IST
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