Business

Sensex, Nifty Plunge On Weak Global Cues; Banking, Metal Stocks Worst Hit

   Download Android App    Share in      FullScreen   CheckVideos

Sensex, Nifty declined owing to weakness in Vedanta, Hindalco and JSW Steel.Indian equity benchmarks (Sensex and Nifty) fell sharply on the back of negative global cues on growing fears about economic recession in the US.

The SP BSE Sensex fell as much as 1 per cent or 378 points to 37,786.98 and the NSE Nifty 50 Index dropped 1 per cent or 114 points to 11,352.20.

Losses in early trading were led by Reliance Industries, Larsen Toubro, HDFC, ICICI Bank, HDFC Bank, Infosys and Kotak Mahindra Bank.Concerns about the health of the world economy heightened last week after cautious remarks by the US Federal Reserve sent 10-year treasury yields to the lowest since early 2018.US 10-year treasury yields were last 1.9 basis points below three-month rates after yields inverted for the first time since 2007 on Friday.

Historically, an inverted yield curve - where long-term rates fall below short-term - has signalled an upcoming recession.Back home, sixteen of 19 sector gauges compiled by BSE were trading lower led by the SP BSE Metal Index's 1.7 per cent decline.

Basic Materials, Banking and Realty Indexes also dropped over 1 per cent each.

On the flipside, SP BSE OIL GAS Index was top gainer, up 0.36 per cent.Mid- and small-cap shares were also witnessing selling pressure as the SP BSE MidCap Index fell 0.9 per cent and the SP BSE SmallCap Index dropped 0.83 per cent.From the Nifty 50 basket of shares, 39 were trading lower while 11 were among the gainers.Hindalco was top loser in the Nifty 50 basket of shares, the stock fell 2.89 per cent to Rs 203.50.

JSW Steel, Vedanta, UltraTech Cement, Kotak Mahindra Bank, Tata Steel, Indiabulls Housing Finance and Sun Pharma were also among the losers.

On the other hand, Indian Oil, ONGC, Bharat Petroleum, NTPC, HPCL and Coal India were among the gainers.(With inputs from Reuters)Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.

Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general elections.




Unlimited Portal Access + Monthly Magazine - 12 issues-Publication from Jan 2021

Buy Our Merchandise (Peace Series)

 

Contribute US to Start Broadcasting


It's Voluntary! Take care of your Family, Friends and People around You First and later think about us. Its Fine if you dont wish to contribute and if you wish to contribute then think about the Homeless first and Feed them. We can survive with your wishes too :-). You can Buy our Merchandise too which are of the finest quality.

Debit/Credit/UPI

UPI/Debit/Credit

Paytm

STRIPE

Details
Category: Business


20