Mumbai: Sensex Dragged by dismal corporate earnings, caution amid the ongoing polls and emergence of fresh US-China trade tension, the key equity indices fell nearly 1 percent on Tuesday. Equities came under selling pressure post noon overselling in select stocks from institutions after they opened in the green alongside other Asian markets. The fear of Sensex and index or the “VIX” finished over 26 — close to its 52-week high of 27.8.
The Sensex closed lower 323.71 points or 0.84 percent at 38,276.63 and the Nifty finished 100.35 points or 0.87 percent down at 11,497.90. Mid-caps ended 1.38 percent lower and small-caps closed 1.16 percent down, continuing to underperform.
Besides, Sensex the Foreign Institutional Investors (FIIs) have turned sellers over the last two sessions. FIIs had sold Rs 948.98 crore worth of stocks on Monday after a healthy buying last month.
“Sensex Investor sentiments were impacted owing to uninspiring March quarter earnings which suggest a show a slowdown in the Indian economy and a possible delay in the much-awaited revival in earnings. Debt-laden stocks including Jet Airways, DHFL and Zee Entertainment, came under renewed selling pressure,” said Deepak Jasani of HDFC Securities.
Bharti Airtel gave up the morning gains to end 3.10 percent lower despite posting 29 percent jump in PAT in Q4FY19. Zee Entertainment and Reliance Industries were the other two major losers.
Scrips of Zee Entertainment Enterprises witnessed a sharp fall by over 10 percent on the BSE during the intra-day trade before closing 4.88 percent lower. (IANS)
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