Markets

Stocks tumble

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Stock indices tumbled on the first day after the budget was presented in the Parliament as the markets felt the budget lacked details on the road-map for growth. The rupee, meanwhile, gained against the dollar and closed at 59.93.

 The Bombay Stock Exchange (BSE) 30-share Sensitive Index (Sensex) dipped by 348.40 points or 1.37 per cent at 25024.35.

Other broader indices lost sharply. The BSE 100 was down by 1.76 per cent, BSE 200 by 1.80 per cent and BSE 500 by 1.87 per cent. 

Some foreign institutional investors (FIIs) resorted to profit booking, which put pressure on the rupee’s value against the dollar in early trade.

Rupee gains

The rupee opened at 60.30 a dollar, with a loss of 11 paise, down from the previous day close of 60.19 in the foreign exchange market.

However, the Indian currency recovered later to close at 59.93.

The BSE’s mid-cap stocks were down by 2.81 per cent while small-cap stocks recorded a huge loss of 3.31 per cent.

Among the sectoral indices, realty plunged by 5.16 per cent, followed by capital goods 4.75 per cent, power by 4.54 per cent, metal 3.69 per cent and banks 2.68 per cent.

 On the National Stock Exchange (NSE) the 50-share Nifty, closed at 7459.60 with a loss of 108.15 or 1.43 per cent.

“After Thursday’s roller-coaster trading, the BSE opened on Friday with marginal gains but gave up all its gains due to profit booking,” said Alex Mathews, Head Research, Geojit BNP Paribas Financial Services.

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Printable version | Sep 21, 2017 8:11:30 PM | http://www.thehindu.com/business/markets/stocks-tumble/article6201501.ece