Markets

Sensex, Nifty log fourth straight loss; financials drag

The country’s largest lender State Bank’s shares ended nearly 3% down on the Sensex chart, followed by HDFC twins.

Benchmark indices Sensex and Nifty closed lower for a fourth straight session on Tuesday, dragged by losses mainly in financial counters amid concerns over tepid corporate earnings.

After trading in the green for a better part of the session, the 30-share BSE Sensex ended 48.39 points, or 0.13% lower at 37,982.74 due to intense selling in the final hour. The gauge hit an intra-day low of 37,898.90 and a high of 38,217.81.

The broader NSE Nifty too slipped 15.15 points, or 0.13%, to close at 11,331.05. During the day, the index hit a low of 11,302.80 and a high of 11,398.15.

The country’s largest lender State Bank’s shares ended nearly 3% down on the Sensex chart, followed by HDFC twins. Other major laggards were Bajaj Auto, ONGC and Tata Steel.

On the other hand, PowerGrid, Kotak Bank, Hero MotoCorp, ITC and Asian Paints were among the gainers on the benchmark index.

Sectorally, BSE finance, energy and auto were major losers — falling as much as 0.82%. On the other hand, utilities, FMCG, power and realty indices rose.

In the broader market, BSE midcap index fell 0.56%, while BSE smallcap gained 0.38%.

The market has been witnessing a sell-off broadly brought about by foreign fund outflow, disappointing budget and a generally dismal earnings season, Sanctum Wealth Management Chief Investment Officer Sunil Sharma said.

“Markets could likely continue to be under pressure in the near term as we move through a challenging earnings season,” he said.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Kospi and Nikkei ended higher. Similarly, bourses in Europe were also trading in the green in their respective early sessions.

On the currency front, the Indian rupee depreciated marginally to 68.94 against the U.S. dollar.

Global oil benchmark Brent crude futures were trading 0.16% lower at $63.16 per barrel.

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Printable version | Feb 20, 2020 9:47:05 AM | https://www.thehindu.com/business/markets/sensex-nifty-log-4th-straight-loss-financials-drag/article28688319.ece

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