Home Business Sensex dropped with 509 points to 33176, Nifty settles below 10,200 mark

Sensex dropped with 509 points to 33176, Nifty settles below 10,200 mark

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(G.N.S) Dt. 16
Mumbai
Benchmark indices declined for the third straight day on Friday due to a major sell-off amid political concerns after the Telugu Desam Party decided to quit the NDA and moved a no-confidence notice against the government, PTI reportes. BSE Sensex closed lower by nearly 510 points, while NSE’s Nifty 50 ended 165 points lower. Moreover, Asian markets were also in the negative zone as investors fret over the prospect of a global trade war, accelerating selling pressure on the domestic bourses, brokers said.
BSE Sensex closed lower by 509.54 points, or 1.51%, to 33,176, while the Nifty 50 fell 165 points, or 1.59%, to close at 10,195.15. All the sectoral indices on BSE ended lower with metal, oil and gas and energy falling most. BSE MidCap was down 1.07% and SmallCap fell 1%. M&M, Wipro, Hindustan Unilever and Yes Bank were among the top gainers, whereas Tata Motors, Asian Paints, Adani Ports and Hero MotoCorp were major losers.
The Nifty cracks in the second half as aggressive selling pressure in scrips across the sectors drag the indices to close near day’s low.
Domestic share indices extended their early session weakness to end sharply lower as selling pressure increased across all sectors amid global uncertainty, political concerns and widening trade deficit.
Among all sectors, oil and gas, metal, automobile stocks were the worst performers.
Midcaps also participated in the correction as the Nifty Midcap was down 1 percent.
Amtek Auto, GVK Power, Radico Khaitan, Adani Enterprises, NIIT Technologies, Oberoi Realty, Kolte-Patil, NLC India, Reliance Infrastructure, Reliance Capital, Future Enterprises, Hindustan Copper, EIL and SAIL were down up to 7 percent. MMTC, Graphite India, HEG, Canara Bank and Syndicate Bank gained up to 8 percent.
At 3:30 PM, the Nifty50 ended 165 points lower at 10,195 points, while the Sensex dropped 509 points to 33,176 points.
Global sentiment remains weak on concerns that the US may impose heavytariff on imports and due to the ongoing personnel crisis in US President Donald Trump’s administration. US Federal Reserve’s policy meet next week also kept investors cautious.
Locally, traders cut their positions as the Telugu Desam Party has withdrawn support from the government. A 26% on-year widening in India’s February trade deficit also weighed on the sentiment.
The Nifty Metal, Nifty Energy and Nifty Commodities indices ended 1. -2.4% lower. All sectoral and thematic indices ended in red today.
Only six of the Nifty 50 constituents ended higher today, with shares of HCL Technologies, up 0.9%, leading the gainers.
Reliance and HDFC contributed the most to the fall in BSE Sensex as they lowered it by 72 points and 50 points. ITC and HDFC Bank also knocked it off by 47 and 29 points respectively out of the total fall of 468 points.
BSE MidCap Index is down 0.55% while BSE SmallCap Index is down 0.51%. ITDC gained a massive 14% followed by JP Associates gaining 12%. Vakrangee continued its run to gain 4.5%
Volatility index, India VIX gained 4.76% and is at 15.0125.
M&M (+1.3%), Aurobindo Pharma (+1%), Bharti Infratel (+0.8%), Bosch (0.4%) and Zee Entertainment (-0.3%) were top gainers on Nifty50.
IOC (-3.6%), NTPC (-3.2%), Adani Ports (-3.2%), Tata Motors (-3.1%) and BPCL (-3.1%) were the top losers in today’s trade.
Out of 2,016 stocks traded on Nifty, 567 advanced, 1,121 declined and 328 remained unchanged.

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