Sensex tanks 318 points to close at 38,897, Nifty ends below 11,600-mark; RIL, TCS, ICICI Bank, SBI among top losers
Snapping its three-day rising streak, equity benchmark BSE Sensex slumped 318 points on Thursday, dragged by a sell-off in index heavyweights RIL, TCS, ICICI Bank and SBI
The 30-share #BSE Sensex settled 318.18 points or 0.81 percent lower at 38,897.46
It hit an intra-day low of 38,861.25 and a high of 39,204.47
Similarly, the broader NSE Nifty broke below the 11,600-mark, ending 90.60 points or 0.78 percent down at 11,596.90
Mumbai: Snapping its three-day rising streak, equity benchmark BSE Sensex slumped 318 points on Thursday as sluggish corporate earnings muted expectations of a swift pick-up in economic recovery.
Lacklustre global markets and a depreciating rupee further sapped investor appetite, traders said.
Moreover, the Asian Development Bank (ADB) lowered the growth forecast for India from 7.2 to 7 percent for the current fiscal, mainly due to moderation in growth prospects for the advanced economies which could adversely affect tradable services.
The 30-share Sensex, which opened on the back foot, remained subdued throughout the session and finally closed at 38,897.46, down by 318.18 points or 0.81 percent.
Similarly, the broader NSE Nifty cracked below the 11,600-mark, ending 90.60 points or 0.78 percent lower at 11,596.90.
Yes Bank was the biggest loser in the Sensex pack, tumbling 12.85 percent, after the company reported a massive 92.44 percent slump in consolidated net profit for the June quarter.
ONGC, Tata Motors, M&M, Maruti, Vedanta, Bajaj Auto, TCS, SBI and HCL Tech lost up to 4.24 percent.
On the other hand, HDFC was the top gainer, rallying 2.26 percent, followed by Kotak Bank, HDFC Bank and ITC that rose up to 0.31 percent.
"Indian equities sold off on disappointing earnings and concerns over the US-China trade war. Notably, South Korea and Indonesia cut rates and more rate cuts are likely coming in India and emerging markets.
"Indian markets lost almost a percent dragged by weak macros globally and poor earnings performance on the ground. All sector indices ended in the red with PSUs, Metals and Autos being the worst performers.
"However, foreign investors have been heavily investing in Indian debt markets as the yields remain at a steep premium to those offered in developed markets. Yield hungry foreign investors have bought Indian debt worth almost Rs 6,000 crore since Budget presented earlier this month," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.
All sectoral indices ended in the red, with BSE auto, metal, energy, oil and gas, industrials, power, consumer durables and realty indices cracking up to 2.65 percent.
The broader BSE midcap and smallcap indices plunged up to 1.23 percent.
FMCG major Colgate-Palmolive India Ltd Thursday reported a 10.76 percent decline in net profit at Rs 169.11 crore for the June quarter owing to lower growth in rural markets.
In a report, data analytics firm Nielsen said the FMCG sector in India will face a slowdown in 2019, impacted by a dip in demand, particularly in rural markets.
IT firm Mindtree had posted a 41.4 percent drop in Q1 net profit Wednesday, while Wipro's profit rose 12.5 percent, though revenue growth remained subdued.
On the global front, stock markets struggled as the protracted US-China trade conflict showed no signs of easing, while investors digested a slew of corporate results.
Elsewhere in Asia, Shanghai Composite Index ended 1.04 percent lower, Hang Seng fell 0.46 percent, Kospi 0.31 percent and Nikkei dropped 1.97 percent.
Bourses in Europe were also trading in the red in their respective early sessions.
Meanwhile, the Indian rupee depreciated 12 paise to 68.95 against the US dollar (intra-day).
The global oil benchmark Brent crude futures rose 0.33 percent to $63.87 per barrel.
Market roundup: Sensex ends 54.8 points up by closing bell, Nifty at 17,369; today's top gainers and losers
The top gainers on BSE Sensex were Bharti Airtel, Nestle India, Tata Steel, Bajaj Finserv, and HCL Tech. The top losers were Titan, Utlracem Co, Bajaj Auto, HDFC Bank, and Axis Bank
The top gainers on BSE Sensex were Kotak Bank, Titan, NTPC, Sun Pharma and Axis Bank. The top losers were Nestle India, Maruti, Bajaj Finserv, Bajaj Auto and TCS
The top gainers of BSE Sensex were IndusInd Bank, HCL Technologies, Kotak Bank, Bajaj Auto, and Tech Mahindra. While HDFC, Nestle India, Hindustan Unilever, and Tata Steel were the top losers