Domestic stock markets started Wednesday’s session on a lower note tracking weakness in Asian peers amid waning optimism about US-China trade talks. The S&P BSE Sensex index fell as much as 127.6 points to hit 40,547.85 on the downside in early trade, and the broader NSE Nifty benchmark declined to as low as 11,954.55, down 39.65 points from the previous close. Weakness in banking, metal and energy shares pulled the markets lower however strength in IT and pharmaceutical stocks provided some support.
At 9:18 am, the Sensex traded 96.25 points – or 0.24 per cent – lower at 40,579.20 while the Nifty was down 37.50 points – or 0.31 per cent – at 11,956.70.
Top percentage laggards on the 50-scrip index at the time were Yes Bank, JSW Steel, Tata Steel, Vedanta and Coal India, down between 1.75 per cent and 3.87 per cent.
Reliance Industries, HDFC Bank and HDFC were the top drags on the Sensex, together accounting for a more than 85-point fall in the Sensex.
Equities in other Asian markets declined on waning optimism about progress in the US-China trade talks. MSCI’s broadest index of Asia Pacific shares outside Japan was last seen trading 0.85 per cent lower on Thursday. Japan’s Nikkei 225 index was down 1.25 per cent at the time.
On Tuesday, the S&P BSE Sensex index had ended 126.72 points – or 0.31 per cent – lower at 40,675.45 and the broader NSE Nifty benchmark settled at 11,994.20, down 54.00 points (0.45 per cent) from the previous close.
Analysts awaited the outcome of a bi-monthly review meeting of the Reserve Bank of India’s Monetary Policy Committee due on Thursday. Many economists expect the central bank to deliver its sixth rate cut of the year.
Source: NDTV Profit