Moneycontrol
Last Updated : Aug 02, 2018 06:06 PM IST | Source: Moneycontrol.com

An evening walk down Dalal Street | Sensex ends over 350 points lower, Nifty below 11,250; autos crack

The selloff was led by sectors such as banks, automobiles, IT and energy, while pharmaceuticals stood out with gains of over a percent on the Nifty Pharma index.

After snapping a multi-day rally, equity benchmarks continued to fall for second consecutive day on Thursday, with the Nifty giving up 11,250-mark. The Sensex managed to end the day over 350 points lower.

The selloff was led by sectors such as banks, automobiles, IT and energy, while pharmaceuticals stood out with gains of over a percent on the Nifty Pharma index.

Profit booking post Reserve Bank of India’s move to hike key rates along with tepid global cues dragged the market lower. There are reports emerging that the US is considering additional import tariffs on China, which spooked the market around the world.

Experts also believe that the Street took note of RBI’s views on inflation on the back of higher crude prices.

Among sectors, automobile stocks saw a big fall, with the Nifty Auto falling almost 1.5 percent. Banks, energy and IT also weighed on benchmarks. Midcaps, on the other hand, had a good day of trade. The Sensex ended over 350 points lower, while the Nifty gave up 11,250 as well.

The Sensex closed down 356.46 points or 0.95% at 37165.16, while the Nifty ended lower by 101.50 points or 0.89% at 11244.70. The market breadth was narrow as 1332 shares advanced, against a decline of 1318 shares, while 166 shares are unchanged.

PowerGrid, IndusInd Bank, Lupin and Dr Reddy’s were the top gainers, while Airtel and Kotak Mahindra Bank lost the most.

Stocks in news

Shares of Marico ended 5 percent lower after its net profit during the quarter grew by 10.3 percent year-on-year to Rs 260.1 crore, backed by topline growth and lower base in year-ago.

Sequent Scientific stock zoomed 11% as arm Alivira gets EU GMP nod for Ankara facility.

Godrej Properties stock fell 2.5% after dismal earnings performance in Q1FY19.

Dilip Buildcon rose 7 percent as the company bagged an order worth Rs 717 crore.

Lastly, Coal India’s shares rose 1 percent as it increased its production for the month of July 2018.

Global data

Markets in Asia closed lower, as mixed handover from US due to trade concerns weighed on indices. ASX 200 declined 34.8 points, or 0.55 percent, to 6,240.9.

Market in Europe moved lower ahead of a Bank of England meeting, which is expected to deliver a rate hike despite uncertainty over Brexit. Stoxx 600 was down by 0.9 percent with almost every sector in the red.
First Published on Aug 2, 2018 05:09 pm
Loading...
Sections
Follow us on
Available On