Share Market Update: Sensex succumbs to fag-end sell-off, Nifty below 11,850 mark; banking stocks slip

For the third straight session, key benchmark indices BSE Sensex and NSE Nifty remained on the back foot on Friday led by a decline in private sectors lenders.

Share Market Update: Sensex succumbs to fag-end sell-off, Nifty below 11,850 mark; banking stocks slip
Only five out of the 30 BSE constituents ended the day in the green. (Image: PTI)
By: ABP News Bureau
Updated: 14 Jun 2019 05:53 PM
Share Market Update: For the third straight session, key benchmark indices BSE Sensex and NSE Nifty remained on the back foot on Friday led by a decline in private sectors lenders including Kotak Mahindra Bank, Axis Bank, IndusInd Bank, HDFC Bank and ICICI Bank. After a subdued opening, the benchmark faced sudden selling pressure in the last half-hour of trade to close at 39,452.07, down by 289.29 points, or 0.73 per cent. On similar lines, the wider NSE Nifty tumbled 90.75 points, or 0.76 per cent, to finish at 11,823.30.

As per reports, only five out of the 30 BSE constituents ended the day in the green, with IndusInd, Bharti Airtel, Kotak Bank, Axis Bank, and Tata Motors taking the deepest cuts. Stocks of companies including TCS, PowerGrid, Sun Pharma, Vedanta and L&T rose by 0.80 per cent. During the week, the Sensex fell 163.83 points or 0.41 per cent, while the Nifty lost 47.35 points or 0.39 per cent.


Barring capital goods, all BSE sectoral indices ended in the red. On the global front, investors scurried to safe-haven assets after China's industrial output growth in May sank to more than 17-year lows, highlighting risks to world growth. Flaring up of geopolitical tensions in the Middle East following attacks on two oil tankers and continued uncertainty over US-China trade talks also weighed on risk sentiment.

"Ripple effect from a weak global market while premium valuation and slow economy is hurting the market. Continuous exchange of words between US and Tehran regarding the oil tanker attack, progress of US-China trade war, Fed policy outcome on 19th June and progress of monsoon will be closely watched by the investors. The market is cautious today awaiting these important events while highly leveraged companies are being mostly impacted," said Vinod Nair, Head of Research, Geojit Financial Services told news agency PTI.

Sectorally, BSE realty, telecom, bankex, auto, finance and FMCG indices ended up to 2.11 per cent lower. Capital goods gained 0.21 per cent. Broader BSE midcap and smallcap indices followed the benchmarks, shedding up to 1.02 per cent.

After spiking over 4 per cent over the past two days, Brent crude futures pared gains to trade 0.11 per cent lower at USD 61.24 per barrel. Elsewhere in Asia, while Tokyo stocks ended in the green, bourses in Shanghai, Hong Kong and Seoul closed lower. On the currency front, the Indian rupee depreciated 19 paise to 69.69 against the US dollar intra-day.

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