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Weak global cues drag stock markets
The Indian stock markets logged their first weekly fall in three, as caution prevailed ahead of key global events, including the US Federal Reserve’s meeting next week and Brexit outcome, and release of Index of Industrial Production (IIP) data back home. The spillover from a weak global market also cast its shadow.
Sensex falls for second day; Nifty settles at 8,170
Mumbai: The Indian stock markets logged their first weekly fall in three, as caution prevailed ahead of key global events, including the US Federal Reserve’s meeting next week and Brexit outcome, and release of Index of Industrial Production (IIP) data back home. The spillover from a weak global market also cast its shadow.
In a choppy trade, both Sensex and Nifty have recorded their first fall in three weeks, After opening lower, the 30-share Sensex staged a strong comeback on value-buying coupled with short-covering but closed the day lower by 127.71 points or 0.48 per cent, at 26,635.75.
The gauge had lost 257.20 points in the previous session as investors booked profit after the recent run-up. The wider NSE Nifty closed a shade lower than the 8,200-mark at 8,170.05, down 33.55 points or 0.41 per cent, after shuttling between 8,162.85 and 8,265.60.
Foreign portfolio investors (FPIs) bought shares worth net Rs 234.20 crore yesterday, as per provisional data from the stock exchanges. Realty, auto, public sector undertaking (PSU), consumer durables, oil and gas, technology, information technology (IT), banking, fast-moving consumer goods (FMCG), capital goods, metal and healthcare stocks ended lower.
The PSU banking index on NSE lost more than 1.5 per cent after Moody's Investors Service said weak earnings outlook for PSBs raises concern over high level of external capital need and their capitalisation profile is expected to deteriorate unless the Government offers additional support. On a weekly basis, the BSE Sensex fell 207.28 points or 0.77 per cent, and the Nifty 50.75 points or 0.61 per cent, halting a two-week rising streak.
Japan's Nikkei fell 0.40 per cent and Hong Kong's Hang Seng index shed 1.20 per cent while China's financial markets were closed for a public holiday. Among Sensex stocks, GAIL tanked most by falling 2.09 per cent on profit-booking followed by Tata Steel 2.08 per cent. As many as 21 stocks lost.
Others that faltered included Tata Motors, Coal India, SBI, Maruti Suzuki, ONGC, Asian Paint, ITC, Cipla, ICICI Bank, TCS, HDFC, Infosys, L&T, Bajaj Auto, Hero MotoCorp and Dr Reddy's, falling by up to 2.04 per cent. Sector-wise, realty burnt its fingers the most by falling 1.03 per cent, followed by auto, PSU and consumer durables. In line with the overall trend, broader markets too remained feeble, with the mid-cap index falling 0.40 per cent and small-cap 0.20 per cent.
