Yes Bank, Coal India, SBI in green, but Sensex continues its horrific wealth destruction act
In the early trade today, the BSE Sensex fell over 150 points and the NSE Nifty dropped below 10,300-level. Falling for the fourth straight session, the BSE 30-share barometer fell 169.20 points, or 0.53 per cent , to 34,207.79 after hitting a low of 34,106.24. The NSE Nifty also fell 88.85 points, or 0.86 per cent , to 10,227.60.
Sensex is continuing to destroy wealth even as some stocks that had been a big part of the problem in markets returned to green, Yes Bank in particular. Is there succour on way? Unlikely, with the RBI pulling off a surprise by sticking to the status quo rather than hiking key rates last Friday. This shocked the markets, which were expecting a 25 bps hike. Normally, a no-hike call is welcomed, but these are not normal times, seemingly. In early trade today, the BSE Sensex fell over 150 points and the NSE Nifty dropped below 10,300-level. Falling for the fourth straight session, the BSE 30-share barometer fell 169.20 points, or 0.53 per cent, to 34,207.79 after hitting a low of 34,106.24. The NSE Nifty fell 88.85 points, or 0.86 per cent, to 10,227.60.
The gauge had plunged by 2,149.15 points in the previous three sessions. Sectoral indices, led by metal, realty, consumer durables, capital goods, healthcare, auto, FMCG, power and teck, were trading in the negative terrain, falling up to 3.38 per cent.
Top laggards include Vedanta, Tata Steel, Adani Ports, HDFC, Wipro, L&T, RIL, Bajaj Auto, ITC, Maruti Suzuki, HUL, Sun Pharma, ICICI Bank, TCS, Bharti Airtel, IndusInd Bank, M&M and Axis Bank, dropping by up to 6.58 per cent.
However, Yes Bank, Coal India, SBI, ONGC, PowerGrid and Kotak Bank were trading in the green on value buying.
Foreign funds sold shares worth a net of Rs 3,370.14 crore, while domestic institutional investors bought equities worth Rs 1,902.07 crore Friday, provisional data showed.
Foreign investors have pulled out over Rs 9,300 crore (USD 1.3 billion) from the Indian capital market in the last four trading sessions.
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Brokers said besides unabated foreign fund outflows, losses at other Asian markets, led by China and Friday's losses in the US market, dampened trading sentiments here.
Hong Kong's Hang Seng fell 0.87 per cent, while Taiwan TSEC index shed 0.78 per cent in their late morning deals. Shanghai Composite Index fell 2.95 per cent. Japanese markets are closed Monday for a public holiday.
The US Dow Jones Industrial Average ended 0.68 per cent down on Friday.