Markets

Sensex drops over 150 points; Nifty below 11,800

People look at a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India.

People look at a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India.   | Photo Credit: REUTERS

According to experts, investors took weak cues from other Asian markets amid continued foreign fund outflow and a depreciating Rupee

Domestic equity benchmark BSE Sensex fell over 150 points today, dragged by losses in index heavyweights HDFC, RIL, ITC and Maruti, amid weak cues from other Asian markets.

The 30-share index was trading 136.59 points, or 0.34%, lower at 39,465.04 at 0930 hours. Similarly, the broader NSE Nifty was quoting 32.25 points, or 0.27%, down at 11,799.50.

In the previous session on June 20, the BSE gauge settled 488.89 points, or 1.25%, higher at 39,601.63; and the Nifty closed 140.30 points, or 1.20%, up at 11,831.75.

Top losers in the Sensex pack included Maruti, Yes Bank, Tata Motors, Kotak Bank, ITC, HDFC, Axis Bank and Bajaj Auto shedding up to 2 per cent.

While, Vedanta, SBI, Coal India, L&T, PowerGrid, IndusInd Bank, ICICI Bank and HCL Tech were among the gainers, rising up to 1%.

According to experts, investors took weak cues from other Asian markets amid continued foreign fund outflow and a depreciating Rupee.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading on a choppy note in their respective early sessions.

On Wall Street, S&P500 ended at its record peak on Thursday, and Nasdaq rallied 0.80%.

On a net basis, foreign institutional investors sold equity worth ₹438.41 crore, while domestic institutional investors purchased shares to the tune of ₹1,241.23 crore, provisional data available with stock exchanges showed on June 20.

On the currency front, the Indian Rupee depreciated 30 paise to 69.74 against the U.S. Dollar.

The global oil benchmark Brent crude futures were trading flat at 64.47 per barrel.

Domestic market was also cautious ahead of Finance Minister Nirmala Sitharaman’s first meeting of the GST Council today, traders said.

The council will consider slashing GST rate on electric vehicles to 5%, from 12% currently, along with extension of the tenure of the anti-profiteering authority by a year till November 2020, an official said.

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Printable version | Feb 21, 2020 11:07:25 PM | https://www.thehindu.com/business/markets/sensexdrops/article28094233.ece

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