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Weak global cues depress equity indices, auto stocks slump

Weak global cues depress equity indices, auto stocks slump

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  21 Jun 2018 11:30 PM GMT

Mumbai, June 21: Broadly negative global markets subdued the key Indian equity indices on Thursday. Indices on both the BSE and the National Stock Exchange (NSE) ended in the red after a largely volatile trade throughout the day. Concerns of a renewed global trade war dampened investor sentiments in the international markets, analysts said. The key indices had opened on a positive note but could not hold on to the gains for long, with heavy selling pressure on auto, capital goods and consumer durables stocks.

Index-wise, the wider Nifty50 of the NSE closed at 10,741.10 points, down 30.95 points or 0.29 per cent from the previous close of 10,772.05 points. Similarly, the BSE Sensex, which had opened at 35,644.05 points, closed at 35,432.39 points — down 114.94 points or 0.32 per cent from its previous session’s close of 35,547.33 points. The Sensex touched an intra-day high of 35,678.69 points and a low of 35,396.97 points. The BSE market breadth was bearish with 1,793 declines against 808 advances.

“Markets ended lower on Thursday after correcting from a high of 10,810 points (Nifty50). Weak global cues from trade tensions and oil price direction dampened the sentiments,” said Deepak Jasani, Head of Retail Research at HDFC Securities. Major Asian markets have closed on a negative note and the European indices like FTSE 100, CAC 40 and DAX traded in the red, he added. On the currency front, the Indian rupee appreciated by nine paise against the US dollar to 67.99, from its previous close of 68.08 per greenback. Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 1,126.75 crore and the domestic institutional investors bought stocks worth Rs 663.57 crore.

Sector-wise, the S&P BSE oil and gas index was the only gainer on Thursday, ending 85.89 points higher from its previous close. On the other hand, S&P BSE auto slumped 223.81 points, the capital goods index was down 196.03 points and the consumer durables index ended lower by 171.09 points. Stock-wise, the major gainers on the Sensex were ICICI Bank, up 1.47 per cent at Rs 297.55; Reliance Industries, up 1.22 per cent at Rs 1,032.35; HDFC, up 0.35 per cent at Rs 1,853; Tata Motors, up 0.31 per cent at Rs 306.55; and Infosys, up 0.24 per cent at Rs 1,246.35 per share.

The top losers were Mahindra and Mahindra, down 2.11 per cent at Rs 883.60; ONGC, down 1.9 per cent at Rs 159.70; Power Grid, down 1.88 per cent at Rs 195.85, State Bank of India, down 1.67 per cent at Rs 268.70; and Sun Pharma, down 1.6 per cent at Rs 554.60 per share. (IANS)

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