Sensex Drops Over 100 Pts; Bank Stocks Drag
In early trade, Yes Bank and HDFC duo were the top losers, slipping up to 2.47 per cent. Bajaj Auto, Tata Motors, SBI, L&T, IndusInd Bank, M&M, ICICI Bank and RIL too fell up to 1.56 per cent.
In early trade, Yes Bank and HDFC duo were the top losers, slipping up to 2.47 per cent. Bajaj Auto, Tata Motors, SBI, L&T, IndusInd Bank, M&M, ICICI Bank and RIL too fell up to 1.56 per cent. On the other hand, Kotak Bank, Infosys, Bharti Airtel, PowerGrid, Axis Bank, Hero MotoCorp, Bajaj Finance and NTPC rose up to 1.75 per cent. According to experts, market has entered a bearish phase amid concerns over an economic slowdown and weak corporate earnings.
Heavy foreign fund outflow and weak monsoon is also hurting investor sentiment here, they said. On a net basis, foreign institutional investors sold equities worth Rs 1,916.91 crore, while domestic institutional investors purchased shares to the tune of Rs 1,829.90 crore, provisional data available with stock exchanges showed Monday.
Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading in the green in their respective early sessions. Equities on Wall Street too ended on a positive note on Monday. Meanwhile, the Indian rupee depreciated 10 paise (intra-day) to 69.03 against the US dollar. The global oil benchmark Brent crude futures were trading marginally higher at 63.33 per barrel.
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