Sensex drops 167 points to close at 38,823, Nifty falls 59 points; Vedanta, IndusInd Bank, Yes Bank among top losers

Market benchmark BSE Sensex closed 167 points lower after a volatile session on Friday, dragged by metal, auto and financial stocks, as optimism over US-China trade deal waned amid rising political uncertainty in the US

Press Trust of India September 27, 2019 16:13:45 IST
Sensex drops 167 points to close at 38,823, Nifty falls 59 points; Vedanta, IndusInd Bank, Yes Bank among top losers
  • The 30-share Sensex ended 167.17 points, or 0.43 percent, lower at 38,822.57

  • The index swung 325 points intra-day, hitting a low of 38,782.60 and a high of 39,107.37

  • Similarly, the broader NSE Nifty fell 58.80 points, or 0.51 percent, to end at 11,512.40

Mumbai: Equity benchmarks closed with losses after a volatile session on Friday, largely in tandem with other Asian markets, as optimism over the US-China trade talks was offset by rising political uncertainty in Washington.

After swinging 325 points intra-day, the BSE Sensex ended 167.17 points, or 0.43 percent, lower at 38,822.57. Similarly, the broader NSE Nifty shed 58.80 points, or 0.51 percent, to end at 11,512.40.

However, the indices posted strong numbers for the week. The Sensex advanced 807.95 points or 2.12 percent, while the Nifty gained 238.20 points or 2.11 percent during the week.

Top laggards in the Sensex pack on Friday were Vedanta, IndusInd Bank, Yes Bank, Tata Steel, ONGC, Tata Motors, Sun Pharma, M&M, TCS and Hero MotoCorp, dropping up to 5.39 percent.

Sensex drops 167 points to close at 38823 Nifty falls 59 points Vedanta IndusInd Bank Yes Bank among top losers

Representational image. Reuters.

On the other hand, Bajaj Finance, Bharti Airtel, ITC, RIL, Kotak Bank and NTPC emerged as the top gainers, rising up to 1.61 percent.

According to traders, optimism over the upcoming US-China trade talks faded as market volatility increased on concerns over US President Donald Trump's impeachment inquiry, keeping global investors on the edge.

In Asia, Hang Seng, Nikkei and Kospi ended in the red, while Shanghai Composite Index settled on a positive note.

Stock exchanges in Europe were trading in the green in their respective early sessions.

"The Sensex gained 2 percent in the week as the market sentiment remained positive after the previous week's government announcement of reducing corporate tax rates...Global markets remained lacklustre though, especially the US markets, which was weak on continued trade tensions with China and initiation of impeachment proceedings against President Trump.

"Going ahead the focus would shift to trade talks related development between US and China and earnings announcements," said Sanjeev Zarbade, VP PCG Research, Kotak Securities.

Sectorally, BSE metal, realty, healthcare, auto, basic materials, industrials, oil and gas, capital goods and utilities indices ended up to 2.77 percent lower.

Telecom and energy spurted up to 1.53 percent.

The broader BSE midcap and smallcap indices mirrored the benchmarks, dropping up to 0.81 percent.

On the currency front, the rupee appreciated 20 paise to 70.67 against the US dollar (intra-day).

Brent crude futures slipped 0.33 percent to $62.55 per barrel.

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