Moneycontrol
Last Updated : Sep 24, 2018 05:32 PM IST | Source: Moneycontrol.com

Markets@Moneycontrol: Financials weigh big on D-Street, Nifty below 11K

There was selling across majority of sectors, with deep cuts seen among banks, auto, FMCG, metals and pharmaceuticals.

Moneycontrol News @moneycontrolcom

It’s a day that completely belonged to the bears, with the Sensex ending over 500 points lower. More importantly, the Nifty gave up 11,000-mark and closed below this key psychological level.

The selloff was largely seen among financials, particularly non-banking financial companies (NBFCs), which weighed big on the indices. Investors seem to be concerned about liquidity issues, particularly in the housing finance companies (HFCs). The likes of HDFC and Indiabulls Housing Finance were trading lower.

Additionally, macros too made investors wary as crude prices touched USD 80 per barrel-mark. An effect was seen on oil marketing companies (OMCs) as well as aviation companies. Weaker rupee also added to the Street’s woes, with the currency trading around 72.64 per US dollar. This boosted IT stocks though, with Infosys, TCS, Wipro and HCL Tech, among others, gaining big.

There was selling across majority of sectors, with deep cuts seen among banks, auto, FMCG, metals and pharmaceuticals.

Together, investors lost around Rs 3 lakh crore during the session as a fallout of this bearish move.

The opening minutes witnessed a reverse trade as benchmarks rose in the first few minutes. But selling in banks in the first ten minutes of trade ensured both Sensex and Nifty gave up all of their gains and traded in the red. However, a further selloff among NBFCs pushed indices lower into the red zone. Sentiment was also dented with midcaps as well as auto names taking a big hit as well.

At the close of market hours, the Sensex closed down 536.58 points or 1.46% at 36305.02, while the Nifty was down 175.70 points or 1.58% at 10967.40. The market breadth is negative as 543 shares advanced, against a decline of 2,092 shares, while 161 shares were unchanged.

TCS and Coal India were the top gainers, while HDFC, M&M, Eicher Motors and Indiabulls Housing lost the most.
First Published on Sep 24, 2018 05:25 pm
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