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Equity Indices Slip on Global Cues; Sensex Down over 460 Points

Equity Indices Slip on Global Cues; Sensex Down over 460 Points

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  20 Oct 2018 8:29 AM GMT

Mumbai: Broadly negative global markets, along with outflow of foreign funds and a marginal rise in crude oil prices, dragged the key domestic equity indices into the red on Friday. In addition, mixed quarterly earning results combined with heavy selling pressure in IT, auto and consumer durable stocks eroded investors’ risk-taking appetite. Index-wise, the S&P BSE Sensex opened at 34,563.29 points from its previous close of 34,779.58 points on Wednesday. The Indian stock and forex markets were shut on Thursday. On Friday, the 30-scrip Sensex closed at 34,315.63 points down by 463.95 points or 1.33 per cent.

Similarly, the NSE Nifty50 of the National Stock Exchange (NSE) ended the day’s trade in the red. The NSE Nifty50 closed at 10,303.55 points down 149.50 points and 1.43 per cent. “Stock markets in India traded under pressure today as key benchmark stocks reeled under selling pressure and dragged indices lower. Tepid global markets further fuelled the negative sentiment as investors dogged fears about global growth,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund. “Additionally, the minutes of the (US) Fed’s September meeting, released earlier in the week, indicated that policymakers are prepared to forge ahead with increases and will likely hike rates again as early as December...”

According to Vinod Nair, Head of Research, Geojit Financial Services: “Market slid below 10,300 mark due to mixed earnings from index heavyweights and selling pressure in global market.” “Despite the fall, rupee gained some weight supported by stability in oil prices. IT stocks slid the most due to stock specific sell off and concerns on tightening of US H1-B visa norms.” On Friday, the Indian rupee closed at 73.33 to a USD, strengthened by 28 paise from its previous close of 73.61 per greenback. Additionally, brent crude oil prices inched up to around $80 a barrel.

Investment-wise, provisional data with the exchanges showed that foreign institutional investors sold stocks in the tune of Rs 618.26 crore, whereas domestic institutional investors off-loaded scrip worth just Rs 2.14 crore. HDFC Securities’ Retail Research Head Deepak Jasani said: “The weakness in the Nifty came on the back of selling in index heavyweights Reliance, HDFC and Infosys.” “Technically, with the Nifty correcting further, traders will need to watch if the index can now hold above the immediate supports of 10,249 points; else a further correction is likely.”

The top gainers in the Sensex were Sun Pharma, up 2.52 per cent at Rs 608.40; Kotak Mahindra Bank, up 1.83 per cent at Rs 1,199.55; Vedanta up 1.51 per cent at Rs 211.15; Hindustan Unilever up 1.16 per cent at Rs 1,579.20; and ITC, up 0.73 per cent at Rs 288.45. Major losers included Yes Bank, down 6.06 per cent at Rs 217.70; HDFC, down 4.32 per cent at Rs 1,661.30; Reliance Industries, down 4.11 per cent at Rs 1,101.65; Tata Motors DVR, down 4 per cent at Rs 95.95; and Hero MotoCorp, down 3.70 per cent at Rs 2,711 per share. (IANS)

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