Sensex tumbles 229 points, Nifty below 11,900-mark amid weak macro data concerns; Yes Bank, Vedanta among top losers
Yes Bank was the top loser in the Sensex pack cracking 6.51%, followed by SBI, Axis Bank, Vedanta, Sun Pharma, ICICI Bank, IndusInd Bank, ITC, Infosys and Tech Mahindra, shedding up to 3.69%.
Continued unrest in Hong Kong led to fall in regional markets, also impacting sentiment on Indian bourses
After gyrating 386 points during the day, the 30-share Sensex ended 229.02 points, or 0.57%, lower at 40,116.06
Besides global weakness, poor domestic factory output numbers dampened marker mood, traders said
Mumbai: Benchmark BSE Sensex on Wednesday dived 229 points as concerns over poor macro data and confusion over US-China trade deal persisted.
— CNBC-TV18 (@CNBCTV18Live) November 13, 2019
Further, continued unrest in Hong Kong led to fall in regional markets, also impacting sentiment on Indian bourses.
A sharp depreciation in the Indian rupee too added to investors' woes, traders said. The rupee dropped below the 72-level against the US dollar in intra-day trade.
After gyrating 386 points during the day, the 30-share Sensex ended 229.02 points, or 0.57 percent, lower at 40,116.06.
Similarly, the broader NSE Nifty fell 73 points, or 0.61 percent, to end at 11,840.45.
Yes Bank was the top loser in the Sensex pack cracking 6.51 percent, followed by SBI, Axis Bank, Vedanta, Sun Pharma, ICICI Bank, IndusInd Bank, ITC, Infosys and Tech Mahindra, shedding up to 3.69 percent.
On the other hand, TCS, RIL, HUL, Maruti and NTPC rose up to 3.76 percent.
Posing questions over the much-anticipated truce deal, US President Donald Trump dubbed China a cheater on trade even as he seeks an initial settlement to calm an 18-month trade war, adding to the uncertainty over the deal between the two countries.
Bourses in Shanghai, Hong Kong, Tokyo and Seoul settled up to 1.82 percent lower violent protests in Hong Kong.
Exchanges in Europe were also trading in the red in their respective early deals.
In the forex market, the Indian rupee plunged 57 paise to 72.04 against the US dollar intra-day.
Besides global weakness, poor domestic factory output numbers dampened marker mood, traders said.
The industrial production shrank by 4.3 percent in September, registering the weakest performance in seven years due to output decline in manufacturing, mining and electricity sectors, as per official data released on Monday.
Market is now awaiting cues from consumer price inflation data, which is scheduled to be released later in the day.
Further, an SBI research report on Tuesday sharply cut the country's GDP growth forecast to 5 per cent for FY 2019-20 from the earlier projection of 6.1 percent, raising concerns over the health of the economy.
Meanwhile, Brent crude futures, the global oil benchmark, fell 1.22 percent to $61.30 per barrel.
As for sectoral indices, realty, IT and consumer durables ended in green while the rest incurred losses.
The top gainers were UltraTech Cement, Mahindra & Mahindra, Maruti, Tata Steel and Tata Consultancy Services while the top losers were HCL Technologies, HDFC Bank, Axis Bank, Tech Mahindra and Sun Pharma
India VIX fell by 3.23 percent to 17.18 levels. BSE Midcap closed 1.08 percent higher at 25,929.36 while BSE Smallcap ended 0.70 percent up at 30,646.24