BackSensex closes nearly 300 points down, Nifty below 9,900 in volatile trade
BSE Sensex closed lower by 296 points, or 0.93%, at 31,627, while the Nifty 50 fell 90 points, or 0.90%, to close at 9,875. Here are the latest updates from the markets
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Mumbai: The Sensex closed at almost a month low by plunging 296 points while the Nifty languished below 9,900, over global uncertainties and foreign capital outflow.
Germany remained in a state of flux though chancellor Angela Merkel won a fourth term, but has to contend with an uneasy coalition to form the next government. Asia’s shares were a pale shadow of their former selves, which made investors here toe the line. Europe did not offer a promising picture either.
Soon after the opening, the BSE benchmark slipped into the red and hit a low of 31,474.56, but bargain buying in the last hour of the trade helped Sensex recoup part of lost grinds to settle at 31,626.63, down 295.81 points, or 0.93%. The index had lost 501.32 points in the previous four sessions.
The NSE Nifty was stuck below the decisive 9,900 mark as it tumbled 91.80 points, or 0.92%, to close at 9,872.60 after shuttling between 9,816.05 and 9,960.50. The closing is lowest for both the key indices since 29 August.
The currency market lost steam, with the rupee slipping considerably against the US currency during the day. Soaring oil prices, which traded at 7-month high of $56.86 a barrel overseas, made the investors go back to the drawing board.
Sentiment has been decidedly low-key for quite some days now as the US and North Korea trade barbs and engage in a game of oneupmanship over the latter’s ballistic missile programme. “Weak Asian markets over North Korean jitters lent momentum to Indian stocks’ falls earlier in the day... Second half found some buying though as markets had an eye on government stimulus plans expected later...," said Anand James, chief mMarket strategist, Geojit Financial Services. Investors also digested the elections in New Zealand to plot their next move.
From the Sensex pack, Adani Ports turned red the most on the day, sinking 3.29% to Rs388.05, followed by Kotak Bank. Lupin, Tata Steel, ITC and M&M lost up to 2.20%. Coal India climbed 1.20% followed by ICICI Bank.
Much of the damage came from the realty index, which fell 3.46%. Healthcare, capital goods, metal were the other losers in the sectoral space. Selling pressure gathered momentum in the broader markets, with the BSE small-cap index falling 2.02% and mid-cap 1.14%.
Foreign portfolio investors continued to give shares a wide berth, offloading net Rs1,241.73 crore last Friday. Domestic institutional investors purchased shares worth Rs521.17 crore, showed provisional data.
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