Sensex tanks 184 points on earnings pain, US Fed's hawkish comments

Mumbai: Disappointing corporate earnings weighed on equities for the second straight session today, sending benchmark Sensex tumbling 184 points to a two-week closing low of 28,155, while hawkish comments from US Fed chair Janet Yellen heightened capital outflow fears.

Auto, realty and pharma counters took a big hit. Profit-booking by retail investors dragged small-cap and mid-cap indices lower by 1.52 percent and 1.16 percent,

On the global front, concerns of capital outflows from emerging economies, including India, intensified after Yellen said the Fed will probably need to raise interest rates at its upcoming meet in March.



After opening lower, the BSE Sensex bounced back briefly to hit a high of 28,382.32 on rebound in select stocks. The gauge finally settled 183.75 points or 0.65 percent lower at 28,155.56, its lowest closing since February 1 when it had ended at 28,141.64.

It had shed 12.31 points in the previous session. The NSE Nifty ended 67.60 points or 0.77 percent down at 8,724.70. Intra-day, it moved between 8,712.85 and 8,807.90.

"Markets traded with losses as worries heightened over capital outflows from emerging economies, including India, after Yellen spoke in support of an interest rate hike next month," said Karthikraj Lakshmanan, Senior Fund Manager Equities, BNP Paribas Mutual Fund.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 6.45 crore yesterday, as per provisional data released by the stock exchanges.

Tata Motors was the worst performer on the Sensex, plummeting 10.32 percent to Rs 436.55 after the company yesterday reported a steep 96.22 percent decline in
consolidated net profit for the December quarter.

Sun Pharma too lost 4.25 percent to Rs 622.50 on sustained selling after the company posted a 4.72 percent decline in consolidated net profit for the third quarter of

Other Asian markets ended higher, tracking another record closing at the US stock markets.

Hong Kong's Hang Seng led the pack by rising 1.23 percent, while Japan's Nikkei rose 1 percent. Shanghai Composite Index shed 0.15 percent.

Europe too was higher in early trading, with London's FTSE climbing 0.4 percent and Paris 0.3 percent and Frankfurt gaining.

Updated Date: Feb 15, 2017 17:38 PM

Also Watch

IPL 2018: Royal Challengers Bangalore eye revival against Chennai Super Kings as 'Cauvery Derby' comes back to life
  • Thursday, April 26, 2018 In the Kanjarbhat community, a campaign against 'virginity tests' is slowly gaining ground
  • Tuesday, April 24, 2018 It's A Wrap: Beyond the Clouds stars Ishaan Khatter, Malavika Mohanan in conversation with Parul Sharma
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent

Also See