Sensex sheds 248 points to close at 39,502, Nifty down 68 points; banking stocks drag

Snapping its three-day rising streak, the BSE Sensex dropped 248 points on Wednesday led by losses in banking, metal and auto stocks amid weak cues from global markets

Press Trust of India May 29, 2019 16:16:36 IST
Sensex sheds 248 points to close at 39,502, Nifty down 68 points; banking stocks drag
  • After slumping over 300 points, the 30-share index ended 247.68 points, or 0.62 percent, lower at 39,502.05

  • The gauge hit an intra-day low of 39,420.50 and a high of 39,767.93

  • Likewise, the broader NSE Nifty shed 67.65 points, or 0.57 percent, to finish at 11,861.10

Mumbai: Snapping its three-day rising streak, the BSE Sensex dropped 248 points on Wednesday led by losses in banking, metal and auto stocks amid weak cues from global markets.

After slumping over 300 points, the 30-share index ended 247.68 points, or 0.62 percent, lower at 39,502.05. The gauge hit an intra-day low of 39,420.50 and a high of 39,767.93.

Likewise, the broader NSE Nifty shed 67.65 points, or 0.57 percent, to finish at 11,861.10. During the day, the bourse hit a low of 11,836.80 and a high of 11,931.90.

SBI was the biggest loser in the Sensex pack, tumbling 3.29 percent, followed by Tata Steel, ICICI Bank and Maruti, which shed up to 2.76 percent.

Sensex sheds 248 points to close at 39502 Nifty down 68 points banking stocks drag

Representative image. Reuters

On the other hand, Sun Pharma, TCS, HCL Tech and HUL were the top gainers, rising up to 2.41 percent.

According to traders, market turned choppy tracking weak cues from global markets and fresh selling of equities by foreign institutional investors (FIIs).

FIIs net sold shares worth Rs 501.11 crore on Tuesday, while domestic institutional investors (DIIs) purchased equities to the tune of Rs 269.22 crore, provisional data available with stock exchanges showed.

Global markets plunged Wednesday after the European Central Bank said a growth slump that could be caused by rising trade tensions is the biggest risk to financial stability in the eurozone.

Bourses elsewhere in Asia ended in the red, and those in Europe were also trading significantly lower in their early deals.

Meanwhile, the Indian rupee depreciated 18 paise to 69.87 against the US dollar.

Brent crude, the global benchmark, dropped 2.16 percent to 67.19 per barrel.

Updated Date:

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