Sensex down 224 points, Nifty50 settles at 11,356 on global cues, falling bank stocks
The benchmark indices today saw freefall on global cues, even as the BSE Sensex closed 224 points down at 37,645, while the Nifty50 settled at 11,356, down 74 points.
The benchmark indices today saw freefall on global cues, even as the BSE Sensex closed 224 points down at 37,645, while the Nifty50 settled at 11,356, down 74 points. BPCL, Hindustan Petroleum. YES Bank, Vedanta Ltd, and IOC were worst performers on the NSE, dragging down the nifty50 index.
Banking, and energy stocks performed badly on the bourses. HDFC Bank, down over 1 percent on the NSE. Nifty PSU banks fell over 3 percent. GAIL, Tech Mahindra, Sun Pharma, Grasim and HCL Tech, however, performed well on the bourses. Healthcare, FMCG and consumer durables gained. Infosys, Sun Pharma, Wipro, Mahindra and GAIL were among the top gainers on the BSE.
IT stocks rose, with Nifty IT index rising over 1 percent. Rupee touched an all-time low of 69.62 per dollar in early trade. Weakness witnessed in other emerging market currencies as well on concerns of a spill-over from a crisis-hit Turkey. As currency crisis worsening in Turkey, investors are withdrawing from equities and fleeing to safer assets such as government bonds and the dollar.
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The MSCI world equity index was down 0.5 percent as the Turkish lira plunged to a record low. CPI inflation data for June due later today also kept traders away from stocks. On Friday, FIIs sold shares of Rs 510.66 crore and DIIs purchased Rs 457.83 crore on net basis, provisional data showed.
MidCap and SmallCap indices too fell 0.70 percent and 0.78 percent, respectively, on the BSE. Oil and gas, bankex, finance, energy and basic materials fell over 1 percent on the BSE.