Market starts on a volatile note on weak global cues; bank stocks, Tata Steel, Asian Paints among major losers

Top losers in the Sensex pack in early trade included Yes Bank, Tata Motors, Vedanta, Tata Steel, Asian Paints, ONGC, ICICI Bank, Kotak Bank, IndusInd Bank and Hero MotoCorp, shedding up to 3%

FP Staff September 27, 2019 10:02:38 IST
Market starts on a volatile note on weak global cues; bank stocks, Tata Steel, Asian Paints among major losers
  • Sensex pared all losses to trade 38.89 points or 0.28% higher at 38,879.19 at 0935 hours

  • NSE Nifty soared 131 points, or 1.15 percent, to end at 11,571.20

  • Top losers in the Sensex pack in early trade included Yes Bank, Tata Motors, Vedanta, Tata Steel, Asian Paints, ONGC, ICICI Bank, Kotak Bank, IndusInd Bank and Hero MotoCorp, shedding up to 3%

Sensex and NSE Nifty started on a volatile note on Friday, tracking weak cues from global markets as concerns over US political uncertainty kept investors on edge.

After dropping 175 points in the early session, the 30-share index pared all losses to trade 38.89 points, or 0.28 percent, higher at 38,879.19 at 0935 hours, while the broader Nifty advanced 5.85 points, or 0.10 percent, to 11,577.05.

In the previous session on Thursday, the BSE barometer ended 396.22 points, or 1.03 percent, higher at 38,989.74. Similarly, the broader NSE Nifty soared 131 points, or 1.15 percent, to end at 11,571.20. Top losers in the Sensex pack in early trade included Yes Bank, Tata Motors, Vedanta, Tata Steel, Asian Paints, ONGC, ICICI Bank, Kotak Bank, IndusInd Bank and Hero MotoCorp, shedding up to 3 percent, a PTI report said.

On the other hand, ITC, NTPC, Infosys, Bajaj Finance, SBI, HCL Tech, HDFC and Maruti rose up to 2 percent.

The rupee opened lower by 7 paise at 70.95 per dollar on Friday against previous close 70.88.

Market starts on a volatile note on weak global cues bank stocks Tata Steel Asian Paints among major losers

Representational image. Reuters.

According to traders, market volatility has heightened as concerns over US President Donald Trump's impeachment inquiry has made investors nervous around the globe.

Asian shares slipped to three-week lows on Friday as the release of a whistleblower complaint against US President Donald Trump added to uncertainties about the global economy, already reeling from the China-US trade war.

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.42 percent, having fallen 1.72 percent so far this week, while Japan’s Nikkei slid 1.27 percent.

USS&P 500 futures fell 0.2% in Asian trading after the index dropped 0.24 percent on Thursday.

A whistleblower report released on Thursday said President Donald Trump not only abused his office in attempting to solicit Ukraine’s interference in the 2020 US election for his political benefit, but that the White House tried to “lockdown” evidence about that conduct.

The report came after the Speaker of the U.S. House of Representatives Nancy Pelosi launched an impeachment inquiry into him this week.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading lower in their respective late morning sessions, according to Reuters report.

Shares on Wall Street too ended in the red on Thursday.

However, foreign fund inflow and stock-specific gains are capping the losses, traders said.

On Thursday, foreign portfolio investors bought shares worth a net of Rs 737.17 crore, and domestic institutional investors purchased equities worth Rs 339.28 crore, provisional data showed.

On the currency front, the rupee depreciated 4 paise against its previous close to 70.92 in early session.

Global oil benchmark Brent crude rose 0.97 per cent to 62.13 per barrel (intra-day).

--With agency inputs

Updated Date:

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